• A Christie's auction house member of staff displays the giant diamond, nicknamed The Rock, in Dubai on March 25. All photos: AFP
    A Christie's auction house member of staff displays the giant diamond, nicknamed The Rock, in Dubai on March 25. All photos: AFP
  • The diamond is a 228.31-carat pear-shaped gem, which was mined and polished in South Africa more than 20 years ago.
    The diamond is a 228.31-carat pear-shaped gem, which was mined and polished in South Africa more than 20 years ago.
  • The Rock will be on display in Dubai from March 26 to 29. It will then travel to Taipei, New York and Geneva, Switzerland, where it will be auctioned on May 11.
    The Rock will be on display in Dubai from March 26 to 29. It will then travel to Taipei, New York and Geneva, Switzerland, where it will be auctioned on May 11.
  • A closer look at The Rock.
    A closer look at The Rock.
  • It is expected to fetch up to $30 million at auction.
    It is expected to fetch up to $30 million at auction.
  • It is the 'largest existing D-Z colour pear-shaped diamond ever graded' by the Gemological Institute of America, Christie's said.
    It is the 'largest existing D-Z colour pear-shaped diamond ever graded' by the Gemological Institute of America, Christie's said.
  • The diamond is on display at Christie's, Dubai.
    The diamond is on display at Christie's, Dubai.

Giant white diamond named The Rock makes debut in Dubai


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A giant diamond nicknamed The Rock went on display for the first time in Dubai on Friday ahead of an auction where it is expected to fetch up to $30 million.

The 228.31-carat pear-shaped gem, which was mined and polished in South Africa more than 20 years ago, is the largest white diamond to come to auction, said auction house Christie's.

After making its debut at Christie's Dubai, where it will be displayed from March 26 to 29, The Rock will travel to Taipei, New York and Geneva, Switzerland, where it will be auctioned on May 11.

"The Middle East has always had such a great appreciation for important jewels and gemstones," Rahul Kadakia, international head of jewellery at Christie's, told AFP.

"We thought it would be nice for us to launch the diamond in an area where there are so many great collectors for important gems of this nature."

The diamond is the "largest existing D-Z colour pear-shaped diamond ever graded" by the Gemological Institute of America, Christie's said, adding, it is "G colour, VS1 clarity".

The previous auction record for the largest colourless diamond was a 163.41 carat sparkler that sold in November 2017 for $33.7 million, Christie's said.

Earlier this year, Sotheby's in London sold The Enigma — the largest cut diamond to come to auction, at 555.55 carats — for $4.3 million.

Scroll through the photo gallery to see the rare 555-carat black diamond recently unveiled in Dubai:

  • The Enigma is a 555.55-carat black diamond. All photos: Ruel Pableo for The National
    The Enigma is a 555.55-carat black diamond. All photos: Ruel Pableo for The National
  • It is the world’s largest Fancy Black Natural Colour diamond, as reported by Gubelin and the GIA.
    It is the world’s largest Fancy Black Natural Colour diamond, as reported by Gubelin and the GIA.
  • The stone has 55 facets and is believed to have extraterrestrial origins.
    The stone has 55 facets and is believed to have extraterrestrial origins.
  • The gemstone is on view at the Sotheby's showroom in the DIFC.
    The gemstone is on view at the Sotheby's showroom in the DIFC.
  • The Enigma will remain in Dubai until January 20.
    The Enigma will remain in Dubai until January 20.
  • The stone will be auctioned via a single-lot online sale.
    The stone will be auctioned via a single-lot online sale.
  • Sotheby's is accepting cryptocurrency for this sale.
    Sotheby's is accepting cryptocurrency for this sale.
  • The Enigma was acquired by its current owner in the 1990s and was previously unseen on the market.
    The Enigma was acquired by its current owner in the 1990s and was previously unseen on the market.
  • Carbonado diamonds are believed to be 2.6 to 3.8 billion years old.
    Carbonado diamonds are believed to be 2.6 to 3.8 billion years old.
  • Carbonado diamonds are only found in Brazil and the Central African Republic.
    Carbonado diamonds are only found in Brazil and the Central African Republic.
  • They are believed to have been formed when a meteorite collided with the Earth billions of years ago.
    They are believed to have been formed when a meteorite collided with the Earth billions of years ago.
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Saturday Crotone v Spezia (6pm), Torino v Udinese (9pm), Lazio v Verona (11.45pm)

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The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

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.

Updated: March 28, 2022, 8:53 AM