.RUSSIA'S ruby market is actually struggling. On January 1st the G7, a team of rich countries, and the European Association banned bring ins of rough precious stones extracted in Russia-- a 3rd of the total extracted worldwide in 2022. On January 3rd the EU incorporated Russia's state exploration business, and its leader, to its own decrees list. This is actually the very first phase of a complete sanctions program: in March the G7 and EU will ban Russian jewels that have been actually reduced as well as refined abroad. In September they will certainly launch an accreditation program to validate where precious stones were extracted. These procedures add up to the largest adjustment to your business in many years. Why has it taken such a long time to impose injunctions on Russia's gemstone industry-- as well as what impact will they have?