From prosperity and positivity to prestige and power, gold has several grand associations. Historically, it was linked with water, the precious commodity near which it was first found. The metal went on to gain currency status and replaced the barter system.
Culturally, it is considered a good-luck charm, adorning tombs, temples and minarets, and is an enduring symbol of love. Socially, owning, wearing and gifting gold denotes prestige and has aesthetic value, while economies rely on it as a stability benchmark. Science lauds it for its healing properties, and even the protosciences - alchemy in particular - consider gold as the key to the elusive elixir of immortality.
It seems as though little can tarnish the yellow metal's shine. Scratch a little under the surface, however, and correlations with trafficking, child labour and other human-rights violations begin to raise their ugly heads. Dig deeper, and be prepared to be hit by some truly horrific statistics: 900 Peruvian farmers poisoned by a mercury spill; 40,000 hectares of the Amazon forest destroyed; indigenous people from Ghana forced from their ancestral forest homeland.
Surely your innocuous wedding band can have no links to these atrocities? Those family heirlooms could not be responsible for a child's compromised future? The cogs that make up your mobile phone, laptop and watch have no part to play in the cycle of mass environmental destruction? Turns out, they might well do. For irresponsible gold mining is one of the most destructive activities on the planet, contributing to both environmental and human degradation.
"The ways in which most gold is mined and processed has sizeable negative consequences," says a representative from Solidaridad, a civil-society organisation that facilitates socially responsible, ecologically sound and profitable supply chains. "Unacceptable working conditions, the threat of toxic poisoning and lack of safety equipment are a part of many miners' daily lives. Irresponsible mining also affects water supply and contributes to deforestation."
It's not all gloom and doom, though. In one sense, gold is lagging behind in the sustainable-luxury endeavour - the United Nations-backed Kimberley Process to prevent conflict diamonds has been in place since 2003, and consumer awareness of ethical diamonds has been on the rise ever since, aided by films such as Blood Diamond. While there is no equivalent framework for gold mining, international bodies such as Solidaridad, the Alliance for Responsible Mining and the Fairtrade Foundation, encourage and support mining organisations that seek to reverse the damage they might cause.
A growing number of conscientious jewellers and luxury brands are also playing their part by sourcing gold from responsible mines. Even the 2015 Noble Peace Prize was fashioned from Fairmined gold. And the results - from the stunning pieces in Chopard's green collections, to the engagement and wedding rings from United States-based Brilliant Earth, online store Amalena, and British jeweller Stephen Webster's Bridal Collection - are all the more precious for it.
See more: Jewellery made from ethical gold - in pictures
Chopard, which has partnered with the Alliance for Responsible Mining, is "the first bigger high-end brand to source Fairmined gold from artisanal and small-scale mining", says Siri Teilmann-Ibsen, communications coordinator at Alliance for Responsible Mining, the developer of the Fairmined certification - a global benchmark, along with its Fairtrade counterpart, for ethical gold mining.
In 2013, Chopard initiated The Journey to Sustainable Luxury project. This led to the Green Carpet Haute Joaillerie collection, featuring Fairmined gold and ethically sourced diamonds; and Palme Verte, a jewellery line in ethical gold, which was inspired by the design of the Palme d'Or trophy.
The jewellery house also unveiled a Fairmined gold watch at Baselworld last May, in collaboration with PX Précinox SA, a Swiss gold refinery company. Last October, two mines in Bolivia and Colombia reached Fairmined certification, and Chopard has pledged to buy 100 per cent of the gold extracted by those mines.
According to Teilmann-Ibsen, ethically mined gold has a positive social and economic impact, and is obtained by respecting the environment. It reduces or eliminates the use of toxic chemicals and protects the water supply. Safe working conditions, strict policies against child labour and the protection of women's rights are some of the other parameters.
There are currently 10 Fairmined-certified organisations in the world, while two mines are Fairtrade-certified. This is a startlingly small figure, considering that about 100 million people across 80 countries depend on gold mining for their survival. However, the reception of "clean" gold has been resoundingly positive. "The supply of Fairtrade and Fairmined products is relatively small within the jewellery industry, and the awareness is still quite low. This is much more about the future," says Stephen Webster. The celebrity jewellery designer travelled to Peru in 2011 to "witness first-hand the difference Fairtrade certification was making to the lives of miners and their families".
He adds: "However, once the consumer knows there is an ethical alternative to the materials used in their jewellery, the response is always positive." Webster, who hopes for "Fairtrade to be 100 per cent of the gold we sell some day", offers ethical gold in his Bridal Collection, and buyers can also commission many of the brand's core pieces in Fairtrade gold.
The certification process is made up of a long list of requirements - and benefits - and can take between one and three years. Not only must a mining organisation ensure environmental protection and safe working conditions, it must also raise the quality of life of its mining communities, from providing job stability and medical benefits to promoting education and gender equality.
Certification, however, does not come without its loopholes and legal tangles. For one, while Fairmined and Fairtrade certification are unequivocally deemed ethical, elsewhere in the industry, many organisations that claim to be ethical, self-regulate their mining and sourcing decisions. As Stephanie Boyd, a Canadian writer, filmmaker and activist who has been working in Peru for the past 16 years, puts it: "Certification is one of the those good ideas in theory, but there are problems in practice. For one, who decides the standards? Do the major gold mining companies - most of whom are responsible for human-rights abuses and environmental destruction - set them? Who checks to make sure companies are following the standards? Certain environmental groups fail to include local stakeholders and activists in the process. A lot of programmes rely on 'self-reporting' from a lot of companies, which seems to be very naive."
Boyd, is currently writing a book, The Price of Gold, about her experiences with indigenous communities in South America who are standing up to the mining industry. Her award-winning film, The Devil Operation, exposes the link between mining corporations and private security firms that specialise in espionage, kidnapping and torture. Boyd concedes, though, that "Fairmined gold miners are in a better position than they were before certification - most have better equipment, safety standards and higher wages".
See the trailer for Stephanie Boyd's upcoming film, Karwara, here.
Finances pose another arena of exploitation in the precious-metal minefield. Middle men and corporate houses infamously make away with the enormous profits to be had, while the men, women and children risking their lives over 18-hour days are left with unfair wages and unsound living conditions. When it comes to Fairmined gold, on the other hand, miners receive a guaranteed minimum price, which is higher than unmonitored wages. A system of premiums on all profits made is also in place.
Responsible mining means higher operational costs, too, which are then passed on to the jewellers - some absorb it, while others add it to their retail prices. "We currently don't pass onto the consumer the premium we have to pay for Fairtrade gold, but it definitely is something that needs to be taken into consideration," says Webster. "A client is happy to choose Fairtrade gold and support the miners, but the decision can be more difficult if the price jumps by 15 per cent."
And therein lies the end-user dilemma - how many of us would be willing to shell out more for a piece of jewellery because it comes with an ethically mined tag? And why, then, should you as a buyer actively seek out such gold? "A clean conscience," states Boyd simply. "The knowledge that you're helping to preserve, rather than destroy our planet for generations to come."
Kathryn Money, vice president of strategy and merchandising for Brilliant Earth, which uses recycled gold, adds: "You can feel good knowing that you are getting exactly the same quality product, but with a much lower environmental and human cost."
For Teilmann-Ibsen, symbolism plays a big part in the buying decision. "Jewellery is usually attached to emotions of love, commitment and friendship. It should have a positive story from the beginning, when the gold is extracted from the mine, until it's on your finger or around your neck."
And, concludes Boyd, as if that were not enough: "Clean gold is going to be the trend of the future, it's a better investment in the long run. Dirty gold is going down the same road as fur and ivory."
Read this and related stories in Luxury magazine's Watches & Jewellery issue, out with The National on Thursday, April 14.
pmunyal@thenational.ae
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
Killing of Qassem Suleimani
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Mohammed bin Zayed Majlis
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
FA Cup semi-finals
Saturday: Manchester United v Tottenham Hotspur, 8.15pm (UAE)
Sunday: Chelsea v Southampton, 6pm (UAE)
Matches on Bein Sports
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
UAE currency: the story behind the money in your pockets
Racecard
6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m
6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m
7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m
7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m
8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
Indoor cricket in a nutshell
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Family reunited
Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.
She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.
She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.
The couple were married in August 2009 in Winchester and their daughter was born in June 2014.
She was held in her native country a year later.
ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
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Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Pathaan
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COMPANY%20PROFILE%20
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
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.”
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Company profile
Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
MATCH INFO
Newcastle United 2 (Willems 25', Shelvey 88')
Manchester City 2 (Sterling 22', De Bruyne 82')
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5