.RUSSIA'S DIAMOND business is under the gun. On January first the G7, a team of rich countries, as well as the European Alliance prohibited imports of tough rubies mined in Russia-- a third of the overall extracted worldwide in 2022. On January 3rd the EU added Russia's state mining firm, and also its own leader, to its own injunctions checklist. This is actually the first stage of a comprehensive penalties plan: in March the G7 as well as EU will outlaw Russian jewels that have actually been reduced and also fine-tuned abroad. In September they will present a qualification plan to confirm where diamonds were actually mined. These measures amount to the largest modification to the business in years. Why has it taken such a long time to establish sanctions on Russia's precious stone industry-- and what impact will they have?