Diamond named after Dubai among the most expensive in world

The demand for unique diamond jewellery, the sort of bauble one might expect to see draped about the neck of a star walking a Hollywood red carpet, is particularly high in the UAE, according to Ahmed bin Sulayem, the executive chairman of the Dubai Multi Commodities Centre (DMCC).

"Women in the UAE, in Dubai especially, they have a lot of weddings to go to. A lot of very exclusive social events also," he said.

"We are talking maybe several events in one week, and for each one they must have a new piece of jewellery.

"You cannot see the same one twice. The jewels are like the dresses. Each occasion demands a new one."

To satisfy such demand, Dhamani Group, the Dubai-based jeweller, created the Dubai Cut diamond in conjunction with the Dubai Multi Commodities Centre.

The rare stone has 99 facets, one to represent each of the holy names of Allah, and to give it extra sparkle.

DMCC unveiled the Dubai Cut stone in late 2005, as the world's first diamond cut inspired and named after a city.

The cut is produced solely by Kristall Corporation, a Russian polished-diamond manufacturer, exclusively for DMCC under a legal patent.

Kristall says it strictly adheres to the highest ethical standards in the industry, including a commitment to stop the sale of blood diamonds, conflict diamonds, and the use of child labour in the diamond trade.

"The 99-faceted Dubai Cut is an exciting addition to the diamond world and represents the openness of Dubai in its clarity and reflective qualities," Mr bin Sulayem said.

The stones are created exclusively by Dhamani but once in a while one finds its way on to the after market, where they command extremely high prices.

Mehul Pethani, a diamond expert at Cara, one of the leading jewellers at the Dubai Gold and Diamond Park, said the Dubai cut was one of the most expensive diamonds available.

"The average diamond has 56 facets so 99 facets is very difficult to make," he said.

"They are also very rare. You do not see them very often. They are exclusive and cost a great deal."

jdoran@thenational.ae

At a glance - Zayed Sustainability Prize 2020

Launched: 2008

Categories: Health, energy, water, food, global high schools

Prize: Dh2.2 million (Dh360,000 for global high schools category)

Winners’ announcement: Monday, January 13

Impact in numbers

335 million people positively impacted by projects

430,000 jobs created

10 million people given access to clean and affordable drinking water

50 million homes powered by renewable energy

6.5 billion litres of water saved

26 million school children given solar lighting

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Niki%20Caro%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Jennifer%20Lopez%2C%20Joseph%20Fiennes%2C%20Gael%20Garcia%20Bernal%2C%20Omari%20Hardwick%20and%20Lucy%20Paez%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

How The Debt Panel's advice helped readers in 2019

December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'

JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.

“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”

November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’

SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.

SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."

October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'

MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.

“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."