BUSINESS | Extremely Rare, Purple-Pink Russian Diamond Up For Action, Worth $38 Million

MILAN | ITALY – An extremely rare, vivid purple – pink diamond mined in Russia is expected to fetch up to $38 million when it goes under the hammer on November 11, the auction house Sotheby’s said on Monday.

The oval gem, which is named after a Russian ballet ‘The Spirit of the Rose’, is the largest of its kind to be offered at auction. The trend for colored stones has increased as an asset class by the super-rich in recent years.

Mined by Russian diamond producer Alrosa, the 14.83 – carat diamond was cut from the largest pink crystal ever found in Russia, Sotheby’s said.

‘The occurrence of pink diamonds in nature is extremely rare in any size. Only one percent of all pink diamonds are larger than 10 – carats’, said Gary Schuler, worldwide chairman of Sotheby’s jewelry division.

Naturally colored diamonds occur because they possess a particular lattice structure that refracts light to produce colored, rather than white stones.

Pink diamonds are both rare and aesthetically highly prized by collectors, analysts say.

The gem is being shown in Honk Kong, Singapore and Taipei before being auction in Geneva on November 11.

Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF

DAVOS, SWITZERLAND – Saudi Arabia’s finance minister said on Monday there were no immediate plans to transfer more funds to the Public Investment Fund (PIF), the sovereign wealth fund at the centre of the kingdom’s plans to diversify its economy away from oil. The PIF manages over $600 billion in assets, a figure that has … More Saudi Finance Minister Says No Immediate Plans To Transfer More Funds To PIF

Guardiola Becomes England’s Most Successful Foreign Manager

PARIS, France – Spaniard Pep Guardiola became the most successful foreign manager in English football, in terms of league titles won, when he clinched his fourth Premier League crown on Sunday. With his latest success, the Manchester City manager moved above Frenchman Arsene Wenger and Portuguese Jose Mourinho who both have three Premier League titles … More Guardiola Becomes England’s Most Successful Foreign Manager

Qatari Foreign Minister: Iran Says It Has Matters ‘Under Review’ Over Nuclear Pact

PARIS, France – Qatar’s foreign minister said in remarks cited on Saturday by Al Jazeera TV that Qatar had been informed by Iran that matters were ‘under review’ regarding a nuclear deal between Iran and world powers. The Qatari – based TV broadcaster quoted Foreign Minister Sheikh Mohammed bin Abdulraham Al – Thani as saying … More Qatari Foreign Minister: Iran Says It Has Matters ‘Under Review’ Over Nuclear Pact

Greece Lifts COVID Curbs For Travellers Ahead Of Key Summer Season

ATHENS, Greece – Greece lifted COVID-19 restrictions on Sunday for foreign and domestic flights, its civil aviation authority said, ahead of the summer tourism season that officials hope will see revenues bouncing back from the pandemic slump. To fly in or out of the country, travellers were previously required to show either a vaccination certificate, … More Greece Lifts COVID Curbs For Travellers Ahead Of Key Summer Season

Saudi, Pakistan To Discuss Possible Support For Kingdom’s $3 Billion Deposit

PARIS, France – Saudi Arabia and Pakistan will discuss the possibility of supporting the kingdom’s $3 billion deposit in Pakistan’s central bank bank by extending its term ‘or through other options’, a joint statement carried by Saudi State News Agency SPA said on Sunday. Last year, Saudi Arabia deposited $3 billion in Pakistan’s central bank … More Saudi, Pakistan To Discuss Possible Support For Kingdom’s $3 Billion Deposit

Yemen President Cedes Powers To Council As Saudi Arabia Pushes To End War

PARIS, France – Yemen’s president delegated power to a presidential council and dismissed his deputy on Thursday in moves aimed at supporting U.N. – led efforts to revive negotiations to end a bitter seven – year war. Riyadh announced $3 billion in financial aid to the Saudi – backed government after the announcement by President … More Yemen President Cedes Powers To Council As Saudi Arabia Pushes To End War

Saudi Authorities Warn Against Donating To Strangers Due To Terrorism Financing

PARIS, France – Saudi Arabia’s Presidency of State Security warned citizens and residents in the Kingdom against donating to strangers, nothing that such practices increase the probability of financing terrorism. ‘[Random strangers] may be more dangerous than you think’, the Presidency of State Security said in a statement on Twitter, urging people to only make … More Saudi Authorities Warn Against Donating To Strangers Due To Terrorism Financing

Saudi Arabian Grand Prix To Go Ahead As Planned, Say Organizers

JEDDAH, Saudi Arabia – Formula One’s Saudi Arabian Grand Prix will go ahead as planned, organizers said on Friday following attacks on a facility owned by oil giant Aramco near the racetrack in Jeddah. Yemen’s Iran – backed Houthis said they launched attacks on Saudi energy facilities on Friday and the Arab coalition said Aramco’s … More Saudi Arabian Grand Prix To Go Ahead As Planned, Say Organizers

Saudi Aramco Storage Facility Targeted By Houthi Attack, Causing Fire

RIYADH, Saudi Arabia – Yemen’s Houthis said they launched attacks on Saudi energy facilities on Friday and the Saudi – led coalition said oil giant Aramco’s petroleum products distribution station in Jeddah was hit, causing a fire in two storage tanks but no causalities. A huge plume of black smoke could be seen rising over … More Saudi Aramco Storage Facility Targeted By Houthi Attack, Causing Fire

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