Put a modern twist on heirloom jewels


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When Kate Middleton received her engagement ring, the now much-copied Garrard diamond-encircled sapphire that Prince Charles had given to Diana all those years ago, most women were emerald with envy. Yet with a design that is not exactly cutting-edge, nor even particularly fashionable until recently, even Middleton might have wondered how those stones would look in a modern setting.

As an important heirloom, that's clearly not an option available to the royal-to-be, but nestled at the back of my own jewellery drawer, a little black velvet box has sat unopened for more than a decade. I was somewhat relieved to snap back the hinge and find a glinting pear-cut amethyst and white-gold ring still perched proudly on its cushion, perfect as the day it was made.

A family gift, nostalgia and admittedly guilt had made me keep the ring all these years and now greed was urging me to upgrade it. The question was, how?

My research led me to a shop called Cara in Dubai's Gold and Diamond Park (04 347 8089). As I searched in vain for a spare seat along the endless lines of glass cabinets, my eyes fell upon the sparkliest ring in the shop which Edith Thwates, a tourist visiting her Dubai-resident daughter, was trying on for size.

"I redesigned it myself," she said. "The two diamonds were mine already and I came all the way from New Zealand to have this wonderful aquamarine set in the middle. It is a lot cheaper than at home and the service is excellent in the UAE. The ring was done in a matter of days."

The ring's original middle stone had been significantly smaller, Thwates told me as she gazed upon the new magnificent centrepiece, almost an inch in length and as vibrant as the Caribbean Sea.

Cara was established seven years ago by Mr Kiran, who said that remodelling jewellery has never been more popular.

"This is now my main business. Turnaround time can be as quick as one day, and the average spend is anywhere from Dh1,500 to Dh5,000."

With a ring still burning a hole in my pocket, I continued my journey through the winding corridors of the complex until the flame-red ruby rings and luxuriously weighty sapphire cuffs in the window of Dhamani (04 341 8890) stopped me in my tracks.

The company, which has been trading in the Gulf since 1969, not only sells its own collection but works closely with customers looking to modernise family heirlooms. However, the manager Hitesh Bhatia sounded a note of caution when it comes to altering precious stones.

"I wouldn't recommend cutting or resizing a solitaire diamond into a pair of earrings, for example." he said. "You will lose weight and value, so it is really best to sell and re-buy.

"Our workshop is just five minutes from here and we have the finest diamonds from South Africa or emeralds from Colombia and Zambia if you want them."

And want them I did. Yet with one more stop on my list before I was to hand over my very modest finger furniture to the experts, I paid a visit to Zsa Zsa's Jewels (04 347 4616).

I asked the sales manager Mahesha Sheregar to explain how the remodelling of a ring takes place. He passed a conveyer belt of diamond chains under my nose and told me the creative process is very much in my hands.Indeed, should madam change her mind once the jewellery has been redesigned, no problem.

Sheregar ducked beneath the counter and produced a dazzling diamond solitaire ring. As I admired the perfect princess-cut, he told me a fairy tale.

"A man bought this diamond here two years ago and had it made into a pendant for his girlfriend." he said. "He came last week and had it made into an engagement ring."

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