.RUSSIA'S ruby business is under pressure. On January first the G7, a group of abundant nations, and also the European Alliance banned imports of rugged diamonds extracted in Russia-- a 3rd of the complete extracted worldwide in 2022. On January 3rd the EU incorporated Russia's condition mining provider, and also its own ceo, to its sanctions list. This is actually the initial period of a detailed sanctions scheme: in March the G7 and also EU will certainly prohibit Russian gems that have actually been cut as well as polished abroad. In September they will definitely introduce a qualification system to validate where rubies were unearthed. These steps amount to the biggest improvement to the business in years. Why has it taken so long to impose sanctions on Russia's precious stone field-- and also what effect will they have?