.RUSSIA’S precious stone industry is under pressure. On January first the G7, a team of abundant nations, and the European Alliance disallowed imports of tough diamonds mined in Russia– a third of the total removed worldwide in 2022. On January 3rd the EU added Russia’s state exploration provider, and its own chief executive, to its sanctions list.
This is actually the initial period of a detailed penalties plan: in March the G7 and EU will definitely disallow Russian treasures that have been actually cut and fine-tuned abroad. In September they will certainly introduce an accreditation program to confirm where precious stones were actually extracted. These steps amount to the most significant adjustment to your business in years.
Why has it taken as long to impose sanctions on Russia’s diamond business– and what effect will they have?