Is it possible to throttle IO or IOPS on a individual KVM guest?

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Issue

Can the IOPS be throttled on a KVM virtual machine?
I have one virtual machine which consumes most of my IOPS while performing certain functions, I would like to minimize the effects to other VMs if possible.
Is it possible to prioritise one virtual machine's storage access over another?

Environment

Red Hat Enterprise Linux 6 (as virtualization host)
KVM virtual guests

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