In Boghossian’s Palace Voyages collection, inspired by the palaces of the Silk Road, there is a stunning suite of necklaces and earrings of electrifying turquoise-coloured Paraiba tourmalines that draws inspiration from the 18th-century gardens of Taman Sari in Yogyakarta, Indonesia. It is an exceptional masterpiece with the large pear-shaped Paraibas from Mozambique and cabochons from Brazil, which took the Swiss jeweller years to collect.
In London, David Morris has presented two high jewellery collections this year, Skye and Mystic Cove, to express the chief executive and creative director Jeremy Morris’s passion for this extraordinary gemstone, which in recent years has become synonymous with the brand. His Starburst cuff from the Skye collection features 59 carats of neon turquoise Paraiba stones, while the Mystic Cove collection, features cocktail rings and necklaces with lagoon-blue Paraibas paired with diamonds.
“One of the first qualities I look for in a gemstone is the intensity of its colour, and Paraiba tourmalines truly embody that,” says Morris. “Their unique turquoise blue-green hue, paired with an unmatched vividness, sets them apart from any other gemstone.”
The history of this rare stone is documented in Paraiba: The Legacy of a Colour, written by Kevin Ferreira, a gemmologist and specialist in this specific tourmaline through his family’s involvement in mining the gem in Brazil and Africa, as well as jewellery journalist and influencer Katerina Perez.
They chart how the mesmerising beauty of the Paraiba has made it the rising star of the gem world. It is rare for new gemstones to be discovered. In the 20th century, kunzite, tanzanite and Paraiba tourmalines are the noted few, but the scarcity, vibrant colour and ever-increasing demand for the Paraiba has caused its value to rise incredibly quickly.
The tourmaline’s name is derived from the Brazilian state of Paraiba, where small deposits were discovered in the late 1980s. Its vivacious colour is a result of trace elements of copper and manganese that cannot be replicated by any other mineral species.
Highly prized for its lagoon blue colour rather than its clarity, demand for the stone sent prices escalating to $2,000 per carat at gem shows around the world when it was introduced in the late 1980s, and by 1998, prices were $50,000 per carat because so few could be found.
Concurrently, in Mozambique and Nigeria in Africa, similar tourmalines were being unearthed, generally larger, clean and neon coloured, but not of the same intensity of hue as those from Paraiba.
“African Paraibas are equally stunning, but they possess distinct qualities that set them apart from the Brazilian stones,” explains Morris. “Brazilian Paraibas often have more inclusions and tend to display a more electric blue hue, though they are typically smaller in size. African Paraibas can present a softer, washed-out blue-green colour and usually have fewer inclusions.”
The discovery of a new gemstone excites jewellers around the world, and in the past 10 years designers have become fascinated by the Paraiba, with Chopard, Bvlgari, Moussaieff and Pomellato among those championing the stones in their high jewellery collections.
“New precious materials create excitement for designers, because working with unconventional metals or gems allows them to broaden their creative horizons, try something different and have an opportunity to experiment,” says Perez. “Paraiba allows jewellers to come up with new colour combinations and play on contrasts, mix materials in unconventional ways and explore Paraiba’s beauty in its faceted, cabochon, carved and even rough form.” More importantly, Perez explains, “this gem is so rare that every jewel embellished with a high-quality Paraiba tourmaline is unique and can never be repeated”.
Their reception in the Middle East was initially greeted with some scepticism “as there was little awareness about the stone”, says Morris. “Over time, however, as these gems have become more fashionable, our clients have begun to recognise their beauty and rarity. With a growing understanding of how scarce they are, we’ve seen a noticeable surge in demand and desirability among our Middle Eastern clientele,” he adds.
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
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England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
More from Rashmee Roshan Lall
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.”
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5