As the models for the American label Badgley Mischka floated down the runway at New York Fashion Week last Tuesday, something fascinating occurred.
This is a forward-thinking label tailored for the red carpet, yet its new collection of gowns, palazzo trousers and skirts was embroidered with a gem whose history goes back many millennia, is intrinsically linked with the Arabian Gulf, and is more readily associated with the age of Marilyn Monroe or Elizabeth Taylor.
But the fact that Badgley Mischka was using pearls in the collection doesn’t surprise the jewellery historian Beatriz Chadour-Sampson. “Pearls are still culturally important and enjoyable to wear,” she says.
Chadour-Sampson is also a co-curator for Pearls, a new exhibition looking at the scientific, historical and cultural effect of the gem, opening at London’s Victoria & Albert Museum on Saturday. Well, newish. Its first incarnation was in Qatar in 2010 and a different version of the show travelled to Japan last year.
The London exhibition, however, is probably the most crowd-pleasing yet, more focused on the use of pearls in jewellery throughout history, from Roman times up to the present day, showing new pieces from the British Museum, the Royal Collection and Tate Britain. Even the pearl earring worn by the British King Charles I when he was executed in 1649 is on display.
But a loan from the Qatar Museums Authority (QMA) in Doha “embodies everything about the story of pearls” for Chadour-Sampson. “It’s a Cartier necklace from 1939 – Jacques Cartier used to travel to the Gulf to export pearls and the ones in this graduated necklace are of exceptional quality and lustre,” she says.
“But what you also have to remember is that there’s probably one pearl for every 2,000 oysters fished, so the amount of time that the fishermen had to spend underwater to achieve this necklace is staggering. They were out on the sea for months, encrusted in salt. We make sure in the exhibition that we pay tribute to these divers who risked their lives to get these beautiful pearls.”
So it’s right that the first sections of the new exhibition focus on the history of pearl discovery, fishing and trading in the Arabian Gulf. Chadour-Sampson’s co-curator Hubert Bari, from the QMA, is keen to emphasise that before the oil boom, pearl diving was one of the only ways to sustain the local economy in the region. “They’re not only beautiful gems; they have a long and interesting history,” he says. “Archaeological excavations confirm that pearls were being fished in the Gulf at least 7,000 years ago and traded with Northern Europe and China over 3,000 years ago. I think this is a story worth telling.
“We show that pearls are not only black or white but can be red, green, blue, pink, orange. What’s fascinating is that they were not worn in the Gulf itself as they were not seen as beautiful; they were instead a means to survive.”
Although there have been recent attempts to revive the practice in the Gulf, the combination of overfishing at the turn of the 20th century, the beginnings of the oil economy, the Great Depression and the advent of cultured pearls from the Japanese company Mikimoto was fatal to a thriving local industry.
But for Chadour-Sampson, Mikimoto Kokichi’s democratisation of jewellery – it was his dream that every girl should have a pearl necklace – is an important part of this exhibition, highlighted by the inclusion of a cultured pearl necklace given to Marilyn Monroe by Joe DiMaggio.
“I’m certainly not a purist,” she says. “Don’t forget that Jackie Kennedy promoted the use of pearls very much in the 1960s, but she was wearing imitation ones.”
But for all the connections with 20th-century opulence, the show actually draws to a close with a snapshot of contemporary pearl jewellery. Chadour-Sampson argues that they are still very popular with designers and jewellery houses – and she thinks she knows why.
“Pearls are amazing in their symbolism,” she says. “Across history they’ve represented not only happiness and sadness, authority and power, but also femininity and purity. To me, they’re a phenomenon.”
• Pearls, a V&A and Qatar Museums Authority exhibition, runs from Saturday to January 19 as part of the Qatar UK 2013 Year of Culture. Visit www.vam.ac.uk/pearls for more information
artslife@thenational.ae
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”