.RUSSIA’S DIAMOND field is actually struggling. On January first the G7, a team of abundant nations, as well as the European Association disallowed imports of rugged diamonds unearthed in Russia– a third of the total drawn out worldwide in 2022. On January 3rd the EU included Russia’s state mining firm, and also its leader, to its decrees list.
This is the very first period of an extensive penalties system: in March the G7 and also EU will definitely outlaw Russian jewels that have been reduced and polished abroad. In September they will certainly introduce an accreditation scheme to validate where diamonds were actually mined. These procedures amount to the largest improvement to the business in many years.
Why has it taken such a long time to impose decrees on Russia’s diamond field– as well as what effect will they have?