.RUSSIA’S precious stone sector is struggling. On January first the G7, a group of rich nations, and also the European Union outlawed bring ins of rough gemstones extracted in Russia– a third of the overall drawn out worldwide in 2022. On January 3rd the EU included Russia’s condition mining provider, and also its own leader, to its penalties list.
This is the very first stage of an extensive penalties scheme: in March the G7 as well as EU will definitely prohibit Russian jewels that have actually been cut and also fine-tuned abroad. In September they will definitely launch a qualification system to confirm where gemstones were actually extracted. These solutions amount to the most significant improvement to your business in years.
Why has it taken such a long time to enforce penalties on Russia’s gemstone industry– and what effect will they have?