Some may dismiss pink as a frivolous shade associated with the most feminine of girls, but in the jewellery world, pink is regarded as anything but fluffy and saccharine.
Pink diamonds are a perfect example of how scarcity is driving up demand and, subsequently, price tags. It is hard to believe that in the early days, coloured diamonds were dismissed as of less value – today their rarity is reflected in the astonishing prices they fetch at auction.
Auction success stories
Last November, a flawless 14.83-carat vivid purple-pink diamond, named the Spirit of the Rose, was sold at Sotheby’s Geneva for an incredible $26.6 million. A diamond like this really is rare: only one per cent of pink diamonds are larger than 10 carats. The gemstone was unearthed at the Russian Alrosa diamond mine, which is one of the largest in the world.
Graff and Harry Winston have also secured exceptional pink diamonds. Harry Winston paid $50.3 million for an 18.96-carat deep pink diamond at Christie’s two years ago, which it named the Winston Pink Legacy. It was incorporated into a ring that was unveiled earlier this year to mark the 125th birthday of the “king of diamonds”.
Laurence Graff, meanwhile, purchased from the Letseng mine in Lesotho a 13.33-carat purplish-pink rough for $8.75 million, which has so far yielded a gorgeous 5.63-carat pear-shaped ring.
“This is the most vivid pink rough diamond I have ever seen,” says Graff, “and is an exceptionally rare treasure.”
This month, one of the world’s largest pink diamonds was discovered in Botswana. At 62.7 carats, it is the largest fancy pink diamond to be recovered in the country and one of the world's biggest. It was named Boitumelo, meaning "joy" in Setswana.
Pink diamonds require deep pockets, but their popularity has also been fuelled by celebrities such as Beyonce and Taylor Swift, who have worn them on the red carpet. Publicity has also grown around these scintillating gemstones because one of the world’s most reliable sources of pink diamonds closed at the end of last year.
For the past 37 years, the Argyle diamond mine in Australia has been producing 90 per cent of the world’s supply. The gems are small, from one carat to 2.5 carats in size, but of unique brilliance, in saturated hues of purplish-tinged pink, violet and, rarest of all, red.
They are sold in a sealed bid auction to a select group of diamantaires and jewellers around the world, who fashion the gemstones into jewellery that bears the prestigious Argyle Pink Diamond seal.
Heirloom appeal
Pink diamonds have investor and heirloom appeal. The number of high-quality cut and polished pink diamonds to be tendered for auction since 1984 would barely fill two champagne flutes.
As Patrick Coppens, general manager of sales and marketing for Argyle mine-owner Rio Tinto’s diamond business, points out: “People who buy one of Argyle’s top-quality pink diamonds join one of the world’s most exclusive clubs.”
Needless to say, bidding can be very intense.
Pink diamonds also sell very quickly. David Morris is another jeweller heavily invested in these gemstones, having used them in its creations since the 1960s, to the extent that they have become a distinctive signature of the brand’s designs.
“For me they are absolutely timeless, whilst possessing a playfulness that as a jewellery designer is a joy to work with, and offers a unique beauty that captivates our clients,” says Jeremy Morris, chief executive and creative director of the London-based family business.
Our clients in the Middle East have always had an eye for the rare and unusual, and in many respects the region has been a trend-leader in pink diamonds
Jeremy Morris,
chief executive, David Morris
“Our clients in the Middle East have always had an eye for the rare and unusual, and in many respects the region has been a trend-leader in pink diamonds,” he notes. “These gemstones are, of course, pretty and extremely collectible, but I believe their popularity amongst the jewellery connoisseurs of the Middle East owes more to the gemstone’s elegance and individuality.”
Sapphires, padparadscha and tourmalines
Diamonds are not the only gemstone to be found in sweet tones of pink; there are fortunately others that don’t command such stratospheric prices.
Consider the pink sapphire and padparadscha (a gorgeous salmon-pink sapphire) from Sri Lanka; tourmalines, a name derived from toramali, Sinhala for "stone with mixed colours"; rubellite, which is a deep pink tourmaline; spinels; kunzite and morganite, which has a very pale delicate hue. Then, of course, there are the fabulously rare and expensive conch pearls and the very accessible pink opal. In fact, there is a pink gemstone to suit every taste, skin tone – and budget.
Fawaz Gruosi, the name behind de Grisogono until he left the brand in 2019, is particularly fond of pink sapphires and rubellites.
“Pink sapphires for being soft, feminine, pastel and calming,” he says. “And rubellite for being very strong, deep, more provocative and contrasting."
Gruosi, whose early career was spent in Saudi Arabia before establishing de Grisogono, which he sold in 2012, is launching a new jewellery business in London where he now lives. He was famed for his black diamonds, but he actually uses a spectrum of gemstones to create bold, colour-saturated jewels that all but conceal the settings.
He has an eye for colour, playing with tones of pink, including a mix of rubellite and pink opal for a ring, or cascading earrings that use richly coloured pink sapphires and garnets.
“For more defined juxtapositions, I like to put pink sapphires with blue sapphires and even add emeralds,” he says, producing uplifting combinations that appear in his high jewellery collections.
Padparadscha is the rarest of the sapphires, and the pretty name means "lotus blossom" in Sinhala.
“This highly unusual stone can be found in a spectrum of exquisite pink hues, from soft orange-pinks to warm rose-gold and the prettiest pastels,” says Jeremy Morris of David Morris. “Similar to pink diamonds, the incredible colour of padparadscha really pops when paired with white diamonds and pearls, which is how I often use them in our high jewellery.”
His rings make wondrous use of the lovely blossom-pink gemstones.
Divine colour combinations
Some designers make the most use of pink gemstones as part of a vibrant colour palette. Lucia Silvestri at Bulgari and Victoire de Castellane at Dior share an artist’s eye for divine colour combinations, either balancing tones or creating eye-catching contrasts.
The new Rose Dior high jewellery collection makes flattering use of spinels and pink sapphires, which have become particularly popular in recent years. They’ve been pavé-set across necklaces, earrings and a secret watch shaped as Christian Dior’s favourite flower.
Meanwhile, pink tourmalines and rubellites glow prettily in Bulgari’s opulent Barocko high jewellery collection.
“I love pink as it offers many different shades, giving me the possibility to experiment with a lot of colour combinations, so it is definitely a key colour in the Bulgari palette,” says Bulgari's creative director Silvestri, who is, uniquely for a designer, also the gem buyer.
“In nature, there are many pink stones and each pink featured is different from the others. So I am particularly attracted by this colour as it gives me the possibility to play with all the other colours depending on its shade.”
There are rainbow combinations in the Barocko collection, with pink tourmalines and rubellites at its heart. In her studio, Silvestri spreads out the different gemstones on her table and toys with groupings. “For pink, there are many I love. For example the tone on tone, pink and violet, or pink and a green emerald,” she says.
While pink may divide opinions, there is no doubting its power in her hands.
“When I want to add a touch of femininity to a jewel, a touch of pink is always a good idea," she says.
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
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CREW
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Innotech Profile
Date started: 2013
Founder/CEO: Othman Al Mandhari
Based: Muscat, Oman
Sector: Additive manufacturing, 3D printing technologies
Size: 15 full-time employees
Stage: Seed stage and seeking Series A round of financing
Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
Stage 2 results
1 Caleb Ewan (AUS) Lotto Soudal 04:18:18
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:02
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:04
4 Diego Ulissi (ITA) UAE Team Emirates
5 Rick Zabel (GER) Israel Start-Up Nation
General Classification
1 Caleb Ewan (AUS) Lotto Soudal 07:47:19
2 Sam Bennett (IRL) Deceuninck-QuickStep 00:00:12
3 Arnaud Demare (FRA) Groupama-FDJ 00:00:16
4 Nikolai Cherkasov (RUS) Gazprom-Rusvelo 00:00:17
5 Alexey Lutsensko (KAZ) Astana Pro Team 00:00:19
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
UAE currency: the story behind the money in your pockets
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
Profile of Udrive
Date started: March 2016
Founder: Hasib Khan
Based: Dubai
Employees: 40
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
