.RUSSIA'S ruby business is actually under the gun. On January 1st the G7, a team of abundant countries, and the European Union outlawed imports of rugged precious stones mined in Russia-- a 3rd of the total drawn out worldwide in 2022. On January 3rd the EU incorporated Russia's state mining firm, as well as its own ceo, to its sanctions list. This is actually the 1st period of an extensive sanctions program: in March the G7 and EU will definitely ban Russian jewels that have been actually cut as well as polished abroad. In September they will present a qualification system to verify where gemstones were actually mined. These steps add up to the biggest change to business in many years. Why possesses it taken as long to enforce sanctions on Russia's precious stone sector-- and what impact will they have?