DUBAI: In the bustling Gold Souk in Dubai, dubbed the “City of Gold,” 22-karat gold jewelry is a traditional favorite for weddings, religious celebrations, and as a family investment.
Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers look to diamonds and lighter gold jewelry, instead.
While US tariffs and other factors have added fire to already hot demand for gold as an investment, the impact is different for gold jewelry, according to Andrew Naylor, head of Middle East and Public Policy at the World Gold Council (WGC).
“In markets like Dubai, this creates a two-fold effect: on one hand, you see stronger interest in gold as a safe-haven asset, on the other, high prices dampen jewelry demand.”
At Dubai’s Gold Souk, retailers said they are seeing this trend, as current prices prompt shoppers to look for alternatives.
“There are no potential customers nowadays because of the gold prices,” said Fahad Khan, a sales representative at retailer Damas Jewellery.
“It’s a little bit tough to afford gold, so I think it’s better to go with diamonds,” said Lalita Dave, 52, as she browsed around the Gold Souk.
Lab-grown diamonds
Dubai has been a magnet for gold buyers for at least 80 years, starting with Iranian and Indian traders, both cultures sharing a tradition of 22-karat jewelry for adornment and investment.
Yet as gold prices rose 27 percent last year, demand for gold jewelry in the UAE fell by around 13 percent, outpacing an 11 percent drop globally, according to the WGC.
Jewellery demand could face further pressure across key regions in 2025 if gold prices remain elevated or volatile, the WGC said in its gold demand trends report published in February.
Price swings, more than price levels, are increasingly shaping consumer behavior, particularly in India, it noted.
Shifts in Indian purchasing patterns often ripple through Gulf markets such as the UAE, where buyers are a key driver of sales.
Goldman Sachs recently raised its end-2025 gold forecast to $3,700 per ounce and said prices could climb as high as $4,500.
“Higher gold prices are likely to dampen demand for jewelry, in a classic example of how the best cure for high prices is high prices,” said Russ Mould, investment director at AJ Bell.
One sign of economizing has been the rise of lab-grown diamonds.
India exported $171 million worth of lab-grown diamonds to the UAE in 2024, up almost 57 percent from $109 million two years earlier, data from the Gem and Jewellery Export Promotion Council showed.
India’s exports of cut and polished diamonds to the UAE in the April–November 2024 were up 3.7 percent.
UAE ranked third in global diamond imports in 2023, trade data shows, its primary trade partners including India, South Africa, and Belgium.
While the UAE accounted for just 1.5 percent of the global diamond jewelry market by revenue in 2023, it is projected to grow by 5.9 percent annually to reach nearly $2 billion by 2030, according to Grand View Research.
That outpaces the global growth forecast of 4.5 percent and makes the UAE the fastest growing market in the Middle East and Africa.
Trade tensions
One impact from recent trade tensions with the US has been accelerated talk about finding alternative markets and production hubs, two executives at major Indian diamond exporters said.
If tensions persist, potentially spanning years, one of the sources speaking to Reuters on condition of anonymity said his company’s contingency plans included shifting some Indian production overseas, including to the UAE.
Shamlal Ahamed, managing director of international operations at retailer Malabar Gold & Diamonds, said the rise in lab-grown diamond jewelry sales in the UAE appeared to be driven more by design preferences than pricing and he remained bullish on gold jewelry demand.
“While price-conscious buyers may wait for a dip, our experience shows that such declines are often short-lived, with buyers quickly adapting to new price levels.”
In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers
https://arab.news/24mkg
In Dubai’s Gold Souk, bullion’s record run brings little joy for jewellers
- Bullion prices have hit record highs above $3,400 an ounce
- US tariffs and other factors have added fire to already hot demand for gold
UK court orders singer Chris Brown held in custody over 2023 nightclub fight in London
Brown, 36, was charged in Brown in Manchester Magistrates’ Court with one count of causing grievous bodily harm. He was arrested at a Manchester hotel early Thursday morning and held in custody until the hearing.
His case was transferred to Southwark Crown Court in London, where he will appear on June 13.
Brown arrived at the dock flanked by court officers. His hair was bleached blonde and he wore sweatpants and a black T-shirt.
Brown confirmed his name and birth date and said his address was the local Lowry Hotel where he was arrested.
The charges relate to an incident at a London nightclub in the swanky Mayfair neighborhood in February 2023 when Brown was on tour in the U.K.
Brown’s representative didn't immediately respond to a request for comment from The Associated Press.
Brown, often called by his nickname Breezy, burst onto the music scene as a teen in 2005 and has become a major hitmaker over the years with notable songs such as “Run It,” “Kiss Kiss” and “Without You.”
He won his first Grammy for best R&B album in 2011 for “F.A.M.E.” then earned his second gold trophy in the same category for “11:11 (Deluxe)” earlier this year.
The singer is due to launch an international tour next month with artists Jhene Aiko, Summer Walker and Bryson Tiller, opening with a European leg before starting North America shows in July.
More Hollywood stars join protest letter over Gaza 'genocide'
CANNES: Hollywood heavyweights Joaquin Phoenix, Pedro Pascal, Riz Ahmed and Guillermo del Toro have added their names to a letter condemning the film industry's silence on what it called "genocide" in Gaza, the organisers confirmed Friday.
The petition, signed by more than 370 actors and filmmakers, also denounced Israel's killing of Fatima Hassouna, the young Gaza photojournalist featured in the documentary "Put Your Soul in Your Hand and Walk", which premiered at the Cannes film festival Thursday.
The organisers of the letter said the French actor Juliette Binoche, who is chairing the jury at Cannes, also added her name to the letter, along with Rooney Mara, US indie director Jim Jarmusch and "Lupin" star Omar Sy.
Binoche had initially seemed to pull back from supporting it as the festival opened on Tuesday, instead delivering a tribute to Hassouna, who was killed with 10 members of her family the day after she learned the film would be shown at Cannes.
"She should have been here tonight with us," an emotional Binoche said at the opening ceremony.
The growing protest comes after several days of mounting bloodshed in the besieged Palestinian territory, with 120 people killed on Thursday and 50 reported dead since midnight.
"Schindler's List" star Ralph Fiennes as well as Richard Gere, Mark Ruffalo, Guy Pearce, Susan Sarandon, Javier Bardem, and directors David Cronenberg, Pedro Almodovar, Alfonso Cuaron, Mike Leigh said they were "ashamed" of their industry's failure to speak out about Israel's siege of Gaza in the original letter.
In her Cannes speech Tuesday Binoche also referenced the Israeli hostages taken by Palestinian group Hamas in its October 7, 2023 assault on Israel, which sparked the Gaza war.
"Sicko" and "Bowling for Columbine" director Michael Moore and French actor Camille Cottin of "Call My Agent" fame are among other entertainment industry figures who have added their names to the letter since Tuesday.
Zimbabwe is full of elephants and conflict with villagers is growing. A new approach hopes to help
HWANGE: When GPS-triggered alerts show an elephant herd heading toward villages near Zimbabwe's Hwange National Park, Capon Sibanda springs into action. He posts warnings in WhatsApp groups before speeding off on his bicycle to inform nearby residents without phones or network access.
The new system of tracking elephants wearing GPS collars was launched last year by the Zimbabwe Parks and Wildlife Management Authority and the International Fund for Animal Welfare. It aims to prevent dangerous encounters between people and elephants, which are more frequent as climate change worsens competition for food and water.
“When we started it was more of a challenge, but it’s becoming phenomenal,” said Sibanda, 29, one of the local volunteers trained to be community guardians.
For generations, villagers banged pots, shouted or burned dung to drive away elephants. But worsening droughts and shrinking resources have pushed the animals to raid villages more often, destroying crops and infrastructure and sometimes injuring or killing people.
Zimbabwe's elephant population is estimated at around 100,000, nearly double the land’s capacity. The country hasn’t culled elephants in close to four decades. That's because of pressure from wildlife conservation activists, and because the process is expensive, according to parks spokesman Tinashe Farawo.
Conflicts between humans and wildlife such as elephants, lions and hyenas killed 18 people across the southern African country between January and April this year, forcing park authorities to kill 158 “trouble” animals during that period.
“Droughts are getting worse. The elephants devour the little that we harvest,” said Senzeni Sibanda, a local councilor and farmer, tending her tomato crop with cow dung manure in a community garden that also supports a school feeding program.
Technology now supports the traditional tactics. Through the EarthRanger platform introduced by IFAW, authorities track collared elephants in real time. Maps show their proximity to the buffer zone — delineated on digital maps, not by fences — that separate the park and hunting concessions from community land.
At a park restaurant one morning IFAW field operations manager Arnold Tshipa monitored moving icons on his laptop as he waited for breakfast. When an icon crossed a red line, signaling a breach, an alert pinged.
“We’re going to be able to see the interactions between wildlife and people,” Tshipa said. “This allows us to give more resources to particular areas."
The system also logs incidents like crop damage or attacks on people and livestock by predators such as lions or hyenas and retaliatory attacks on wildlife by humans. It also tracks the location of community guardians like Capon Sibanda.
“Every time I wake up, I take my bike, I take my gadget and hit the road,” Sibanda said. He collects and stores data on his phone, usually with photos. “Within a blink,” alerts go to rangers and villagers, he said.
His commitment has earned admiration from locals, who sometimes gift him crops or meat. He also receives a monthly food allotment worth about $80 along with internet data.
Parks agency director Edson Gandiwa said the platform ensures that “conservation decisions are informed by robust scientific data.”
Villagers like Senzeni Sibanda say the system is making a difference: “We still bang pans, but now we get warnings in time and rangers react more quickly.”
Still, frustration lingers. Sibanda has lost crops and water infrastructure to elephant raids and wants stronger action. “Why aren’t you culling them so that we benefit?” she asked. “We have too many elephants anyway.”
Her community, home to several hundred people, receives only a small share of annual trophy hunting revenues, roughly the value of one elephant or between $10,000 and $80,000, which goes toward water repairs or fencing. She wants a rise in Zimbabwe's hunting quota, which stands at 500 elephants per year, and her community's share increased.
The elephant debate has made headlines. In September last year, activists protested after Zimbabwe and Namibia proposed slaughtering elephants to feed drought-stricken communities. Botswana’s then-president offered to gift 20,000 elephants to Germany, and the country’s wildlife minister mock-suggested sending 10,000 to Hyde Park in the heart of London so Britons could “have a taste of living alongside elephants.”
Zimbabwe's collaring project may offer a way forward. Sixteen elephants, mostly matriarchs, have been fitted with GPS collars, allowing rangers to track entire herds by following their leaders. But Hwange holds about 45,000 elephants, and parks officials say it has capacity for 15,000. Project officials acknowledge a huge gap remains.
In a recent collaring mission, a team of ecologists, vets, trackers and rangers identified a herd. A marksman darted the matriarch from a distance. After some tracking using a drone and a truck, team members fitted the collar, whose battery lasts between two and four years. Some collected blood samples. Rangers with rifles kept watch.
Once the collar was secured, an antidote was administered, and the matriarch staggered off into the wild, flapping its ears.
“Every second counts,” said Kudzai Mapurisa, a parks agency veterinarian.
Tears, trauma and a million-dollar necklace as defiant Kim Kardashian faces Paris robbery suspects
- The defendants face charges including armed robbery, kidnapping and gang association
PARIS: Defiant in diamonds, Kim Kardashian appeared in a Paris courtroom Tuesday to testify in the trial over the 2016 armed robbery that upended her life. The reality star and business mogul gave emotional, at times harrowing, testimony about the night masked men tied her up at gunpoint and stole more than $6 million in jewelry.
Here’s what she revealed — and what’s still to come.
A night that changed everything
Kardashian said she was starting to doze off in bed in the early hours when she heard stomping on the stairs. She assumed it was her sister Kourtney returning from a night out. “Hello? Hello? Who is it?” she called.
Moments later, two masked men burst in. They dragged the concierge in handcuffs. They were dressed as police.
“I thought it was some sort of terrorist attack,” she said.
She grabbed her phone but froze — “I didn’t know what 911 was (in France).” She tried to call her sister and her bodyguard, but one man grabbed her hand to stop her. They threw her on the bed, bound her hands and held a gun to her back.
“I have babies,” she recalled telling the robbers. “I have to make it home. They can take everything. I just have to make it home.”
Her robe fell open — she said she was naked underneath — as one man pulled her toward him. “I was certain that was the moment that he was going to rape me,” Kardashian said.
One attacker leaned in and told her, in English, she’d be OK if she stayed quiet. He taped her mouth shut, and took her to the bathroom.
Kardashian later managed to free her hands by rubbing the tape against the bathroom sink. She hopped downstairs, ankles still bound, and found her friend and stylist, Simone Harouche. Fearing the men might return, the women climbed onto the balcony and hid in bushes. While lying there, Kardashian called her mother.
The men took a diamond ring she’d worn that night to a Givenchy show and rifled through her jewelry box. They took items including a watch her late father had given her when she graduated high school. “It wasn’t just jewelry. It was so many memories,” she said.
A changed life and constant fear
Investigators believe the attackers followed Kardashian’s digital breadcrumbs — images, timestamps, geotags — and exploited them with old-school criminal methods.
The robbery reshaped Kardashian’s sense of safety and freedom. “This experience really changed everything for us,” she said. “I started to get this phobia of going out.”
She often rents adjoining hotel rooms for protection and no longer stores jewelry at home, and now has up to six security guards at home.
“I can’t even sleep at night” otherwise, she said.
She also said she no longer makes social media posts in real time unless at a public event. Her Los Angeles home was robbed shortly after the Paris heist in what she believes was a copycat attack.
A letter and an unexpected moment of grace
In a powerful courtroom moment, the chief judge read aloud a letter from one of the accused, who is too ill to testify. The letter said he had seen Kardashian’s tears on television and expressed regret. Kardashian was visibly moved.
“I’m obviously emotional,” she said in response.
“I do appreciate the letter, for sure,” she added. “I forgive you for what had taken place. But it doesn’t change the emotion, the trauma, and the way my life is forever changed.”
Kardashian, who is studying to become a lawyer, added that she regularly visits prisons. “I’ve always believed in second chances,” she said.
Diamonds, defiance and public image
Kardashian made a fashion statement in court, wearing a $1.5 million necklace by Samer Halimeh New York. The jeweler’s press release for the necklace came out even as she was on the witness stand, a reminder that visibility remains currency, even if the rules have grown more complicated.
The choice reflected defiance and the reclaiming of the image and luxury once used against her.
Kardashian said Paris had once been a sanctuary, a place where she would walk at 3 or 4 a.m., window shopping, sometimes stopping for hot chocolate. It “always felt really safe,” she said. “It was always a magical place.”
What’s next
Twelve suspects were originally charged. One has died. One was excused due to illness. The French press dubbed the group les papys braqueurs — “the grandpa robbers” — but prosecutors say they were no harmless retirees.
The defendants face charges including armed robbery, kidnapping and gang association. If convicted, they could face life in prison.
Kardashian said she was grateful for the opportunity to “tell my truth” in the packed Paris courtroom.
“This is my closure,” she said. “This is me putting this, hopefully, to rest.”
The trial is expected to conclude May 23.
Food grown with fewer chemicals? A Brazilian scientist wins $500,000 for showing the way
- Microbiologist Mariangela Hungria’s research helped her country become an agricultural powerhouse
DES MOINES, Iowa: A Brazilian scientist who pushed back against chemical fertilizers and researched biologically based approaches to more robust food production has been honored with this year’s World Food Prize, the organization announced Tuesday.
Microbiologist Mariangela Hungria’s research helped her country become an agricultural powerhouse, an accomplishment that has now won her $500,000 from the Iowa-based World Food Prize Foundation. Hungria has been researching biological seed and soil treatments for 40 years, and has worked with Brazilian farmers to implement her findings.
“I still cannot believe it. Everybody said, my whole life, it’s improbable, you are going the wrong way, just go to things like chemicals and so on. And then, I received the most important prize in the world of agriculture,” Hungria said in an interview. “Sometimes I still think I’ll wake up and see that it’s not true.”
Norman Borlaug, who received the Nobel Peace Prize in 1970 for his work to dramatically increase crop yields and reduce the threat of starvation in many countries, founded the World Food Prize. Since the first prize was handed out in 1987, 55 people have been honored.
Hungria said she grew up wanting to alleviate hunger. Early in her career, she decided to focus on a process called biological nitrogen fixation, in which soil bacteria could be used to promote plant growth. At that time, farmers in Brazil and around the world were reluctant to reduce their use of nitrogen fertilizers, which dramatically increase crop production but lead to greenhouse gas emissions and pollutes waterways.
Hungria studied how bacteria can interact with plant roots to naturally produce nitrogen. She then demonstrated her work on test plots and began working directly with farmers to convince them that they wouldn’t have to sacrifice high crop yields if they switched to a biological process.
The work is credited for increasing yields of several crops, including wheat, corn and beans, but it has been especially affective on soybeans. Brazil has since become the world’s largest soybean producer, surpassing the United States and Argentina.
Although Hungria’s research could be applied on farms in other countries, soybean production in the US is different than it is in Brazil; American farmers typically rotate crops on their land between growing corn and soybeans. Enough nitrate fertilizer applied to corn still remains in the soil when soybeans are planted that little or no fertilizer needs to be applied, Hungria said.
Brazilian agricultural companies have faced fierce criticism for clearing forested land to create farmland, largely to grow soybeans.
Much of that criticism is justified, Hungria said, but she added that her biological approach builds up the soil and makes further encroachment into forested areas less necessary.
“If you manage the crop well, the crop will enrich the soil with nitrogen. Soil health improves if you do the right things,” she said.
Hungria will be awarded her prize at an annual October gathering in Des Moines of agricultural researchers and officials from around the world.
Gebisa Ejeta, chair of the World Food Prize Laureate Selection Committee, credited Hungria for her “extraordinary scientific achievements” that have transformed agriculture in South America.
“Her brilliant scientific work and her committed vision for advancing sustainable crop production to feed humanity with judicious use of chemical fertilizer inputs and biological amendments has gained her global recognition both at home and abroad,” Ejeta said in a statement.
