.RUSSIA'S gemstone market is actually under pressure. On January first the G7, a team of wealthy countries, as well as the European Alliance prohibited imports of rough precious stones mined in Russia-- a third of the total extracted worldwide in 2022. On January 3rd the EU added Russia's state mining business, and also its leader, to its own penalties list. This is actually the initial stage of a complete sanctions program: in March the G7 and also EU will prohibit Russian treasures that have been actually reduced and also polished abroad. In September they will certainly introduce a license system to confirm where precious stones were actually extracted. These measures add up to the biggest improvement to the business in decades. Why possesses it taken as long to enforce penalties on Russia's ruby market-- as well as what impact will they have?