.RUSSIA'S DIAMOND market is actually under pressure. On January 1st the G7, a group of rich nations, and also the European Union outlawed bring ins of rough precious stones mined in Russia-- a 3rd of the total drawn out worldwide in 2022. On January 3rd the EU added Russia's condition mining business, as well as its own chief executive, to its sanctions checklist. This is actually the very first period of a detailed penalties plan: in March the G7 and EU will disallow Russian treasures that have been actually reduced as well as fine-tuned abroad. In September they are going to offer an accreditation program to verify where gemstones were mined. These procedures amount to the largest modification to business in years. Why has it taken such a long time to establish sanctions on Russia's precious stone business-- and what impact will they possess?