.RUSSIA'S ruby industry is actually under the gun. On January 1st the G7, a group of rich nations, and also the European Alliance outlawed bring ins of rough diamonds mined in Russia-- a third of the overall extracted worldwide in 2022. On January 3rd the EU incorporated Russia's condition mining company, as well as its own chief executive, to its own decrees listing. This is the first stage of a complete sanctions plan: in March the G7 and also EU will ban Russian jewels that have actually been reduced and fine-tuned abroad. In September they will certainly present a license scheme to validate where gemstones were actually unearthed. These solutions add up to the largest modification to the business in years. Why possesses it taken such a long time to enforce sanctions on Russia's diamond industry-- as well as what impact will they possess?