When the pandemic hit and wearing a face mask in public became mandatory, one unnamed businessman in Los Angeles decided to turn his face-covering into a statement of style and wealth.
Not content to don a blue and white medical mask, he commissioned Jerusalem jewellery house Yvel to come up with something unique. His request was simple: create the world's most expensive, functional face mask.
Known for elaborate work with rare pearls and diamonds, Yvel's founder Isaac Levy set to work, enlisting the help of 25 of his most skilled artisans.
The result is a dark-coloured, black diamond mask, offset with swirls of white diamonds. And its value? A cool $1.5 million.
Made from 250g of 18K gold and covered with 210 carats of white and black diamonds, each of the 3,608 stones has been set by hand. Made with an inner and outer layer, the inner one can be unclipped to allow a N99 medical grade filter to be inserted, before being repositioned to hold it tightly in place.
Once worn, the N99 filter can be removed and disposed of and a new one added before the mask is ready for use again. Fully compliant with all safety regulations, it offers a high level of protection.
The unusual project came about during the pandemic when Levy travelled to the US to meet his high net worth clients and ask them to place orders to ensure he could keep the workshops open and his workers in employment. The businessman – who prefers to remain anonymous – ordered the one-off creation.
Of the commission, Levy is, unsurprisingly, very grateful.
“We are blessed with very loyal customers who appreciate the creativity, commitment and dedication of our master craftspeople,” he said.
“When we were first challenged to create a mask of this magnitude, we were energised by the opportunity and our team came together to create something truly unique and special, and yet functional. Unlike any project we have done before, this order involved not only beautiful jewels, but also a protective element.”
With the client asking for complete discretion, Levy will only admit that he has been a loyal customer for many years, and has deep ties with the company.
Founded by a husband-wife duo 1986, Yvel works with rare and unusual stones and pearls.
Choosing pearls with natural, asymmetric shapes, the company specialises in transforming them into diamond encased rings, earrings and necklaces that have scooped several major industry awards for innovation.
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
SPECS
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
Sholto Byrnes on Myanmar politics
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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