Sanctions on Russia's Diamond Industry

A new set of sanctions has been imposed on Russia's diamond industry, with the aim of cutting off its revenue. The sanctions include banning the import of rough diamonds mined in Russia, adding Russia's state mining company to the sanctions list, and implementing a scheme to verify the source of diamonds. These measures are expected to have a significant impact on the industry, as Russian diamond miners generate about $4.5 billion in revenue annually. However, implementing an effective tracking system for diamonds and ensuring compliance throughout the complex supply chain pose challenges.