.RUSSIA'S ruby sector is under the gun. On January 1st the G7, a team of rich nations, and the European Alliance outlawed imports of harsh rubies mined in Russia-- a third of the total extracted worldwide in 2022. On January 3rd the EU added Russia's condition exploration firm, as well as its chief executive, to its own injunctions checklist. This is actually the very first phase of a thorough sanctions program: in March the G7 and EU will definitely ban Russian gems that have actually been actually cut and also perfected abroad. In September they will certainly introduce a certification system to validate where diamonds were actually unearthed. These measures add up to the biggest change to business in many years. Why possesses it taken so long to impose decrees on Russia's precious stone market-- as well as what impact will they possess?