.RUSSIA'S DIAMOND market is struggling. On January 1st the G7, a team of abundant countries, and the European Association banned bring ins of tough rubies unearthed in Russia-- a third of the overall removed worldwide in 2022. On January 3rd the EU incorporated Russia's condition exploration firm, as well as its own leader, to its own penalties checklist. This is actually the initial stage of an extensive decrees program: in March the G7 and also EU will definitely prohibit Russian treasures that have actually been actually cut and fine-tuned abroad. In September they will definitely launch a qualification system to validate where gemstones were actually mined. These steps amount to the largest improvement to the business in years. Why has it taken such a long time to impose sanctions on Russia's ruby industry-- as well as what effect will they have?