Diamonds have become a huge business since the opening of the Dubal Diamond Exchange.
Diamonds have become a huge business since the opening of the Dubal Diamond Exchange.

Dubai expanding diamond trade



DUBAI // The chairman of the Dubai Diamond Exchange has vowed to boost imports of uncut gems from Africa but stressed that the UAE will not become a haven for "conflict stones." Diamond trading has become a huge business in the UAE since the opening of the exchange in 2004. Although complete figures for 2008 were not available, deals in Dubai totalled more than US$8 billion (Dh29bn) in the first half of last year, compared with more than US$11 billion in the whole of 2007.

But global diamond markets have not escaped the worldwide economic downturn, with sales plummeting, triggering diamond-mining countries to cut production in an effort to buoy prices. "We are already in the top five rough diamond distributors in the world, and we are determined to grow even more," said the exchange chairman, Peter Meeus. "The demand for diamonds is down globally as a result of the financial crisis.

"Since October there has been a worldwide downturn in demand for diamonds and so diamond-producing countries such as Angola have taken measures to cut production." In an effort to help boost trade, Mr Meeus travelled to Angola. The country is the largest source of rough diamond imports for Dubai, with about US$800 million in sales in 2008. He also plans to visit Botswana and Namibia. He declined to reveal the exact nature of the talks with Angolan officials, but said there were no plans to buy foreign mines, only to increase the number of rough diamond purchases.

"We want to ensure that Dubai is a new diamond hub," said Mr Meeus. But as the exchange works to boost trade, Mr Meeus said officials are conscious of avoiding diamonds used to finance wars, commonly known as "blood diamonds". Angola, which produces approximately nine per cent of the world's diamonds, according to the World Diamond Council, is a signatory of the Kimberley Process, a protocol launched in 2003 to track diamonds' origins.

Conflict diamonds are no longer traded in the country, according to the council. "There is peace in Angola. The country is stable. The economy is growing and there is strong support for the Kimberley Process," Mr Meeus said. "Angola took a leadership role in organising African diamond-producing countries." Asked if he would provide an assurance that the new efforts to boost diamond trade with African producers would not lead to an influx of conflict diamonds, he replied: "Absolutely."

"I really think there is no danger of that," he said. "The trade has tackled most of that issue." Annie Dunnebacke, of the human rights group Global Witness, praised Dubai's commitment to the Kimberley Process, but said greater federal government involvement was needed. "From a technical perspective, the Kimberley Process system in Dubai is very good," she said. "However, there are aspects which concern us, such as the lack of federal government oversight.

"The groups which monitor the activities of the Dubai Kimberley Process are mandated by the Government, but we would like more direct federal government oversight. "In recent years Dubai has really grown as a rough diamond trade centre, but if it wants to grow even further and be taken seriously as an international hub, which is what I believe it aims to be, it needs more government oversight." She said a significant problem facing the Kimberley Process was how to stop diamonds from being smuggled out of countries operating under sanctions and into those without trade restrictions.

The stones then could gain legitimacy and be traded as originating in the second country. "We cannot entirely stop diamond smuggling - that is unrealistic - but we need to reduce it," Ms Dunnebacke added. "The KP and the governments have enough tools in the box to stop smuggling, but they are not necessarily using them in a quick and efficient way." The diamond council reported that the illegal diamond trade totalled more than three per cent of world sales by 1999, but that in 2004, it had been reduced to about one per cent.

Under the Kimberley Process, rough diamonds are sealed in tamper-resistant containers and must have forgery-resistant, conflict-free certificates with unique serial numbers each time they cross an international border. chamilton@thenational.ae

Dubai Women's Tour teams

Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport 
Kazakhstan National Team
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Macogep Tornatech Girondins de Bordeaux
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Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team

COMPANY%20PROFILE
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Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

La Mer lowdown

La Mer beach is open from 10am until midnight, daily, and is located in Jumeirah 1, well after Kite Beach. Some restaurants, like Cupagahwa, are open from 8am for breakfast; most others start at noon. At the time of writing, we noticed that signs for Vicolo, an Italian eatery, and Kaftan, a Turkish restaurant, indicated that these two restaurants will be open soon, most likely this month. Parking is available, as well as a Dh100 all-day valet option or a Dh50 valet service if you’re just stopping by for a few hours.
 

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

UAE currency: the story behind the money in your pockets
The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
  • Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
  • Avoid suspicious social media ads promoting fraudulent schemes.
  • Only invest in crypto projects that you fully understand.
  • Critically assess whether a project’s promises or returns seem too good to be true.
  • Only use reputable platforms that have a track record of strong regulatory compliance.
  • Store funds in hardware wallets as opposed to online exchanges.
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The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

MO
%3Cp%3E%3Cstrong%3ECreators%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Ramy%20Youssef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMohammed%20Amer%2C%20Teresa%20Ruiz%2C%20Omar%20Elba%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

Brief scores:

Manchester City 3

Aguero 1', 44', 61'

Arsenal ​​​​​1

Koscielny 11'

Man of the match: Sergio Aguero (Manchester City)