Tag: Diamond

  • Hannah Husain becomes first Pakistani to debute at Le Bal des Débutantes, wears diamond necklace worth USD 2.5 million

    Hannah Husain becomes first Pakistani to debute at Le Bal des Débutantes, wears diamond necklace worth USD 2.5 million

    Hannah Husain has become the first ever Pakistani woman to debut at the coveted Le Bal des Debutantes ball in Paris, attended by eligible single ladies from around the world. The ball was organised by Ophélie Renouard to raise funds for the cardiology research unit ARCFA of Neck-Enfants Malades Hospital and for the World Central Kitchen, which provides meals to vulnerable communities around the globe. It was held at the Shangri-La Paris, the former residence of Napoleon Bonaparte’s nephew.

    Hannah Husain is the great-great granddaughter of Sir Fazli Husain, a barrister from Cambridge, and an Education Minister, while her great grandfather served as Pakistan’s ambassador to Beirut, Lebanon.

    Husain debuted at the ball wearing a pastel gown adorned with roses designed by Georges Hobeika and Elie Saab, and was escorted to the event by her brother Harris.

    It was Hannah’s necklace that caught the attention of social media. The bauble has a history dating back all the way to the 1800s according to Christie’s, and is the estimated to be worth $1.5 to 2.5 million.

    According to royal watcher blog, the necklace was designed for Princess Maria Caroline of Bourbon-Two Sicilies, the Duchess of Aumale, later gifted to his god daughter Princess Helene of Orleans when she married the Duke of Aosta.

    The necklace was worn by the Marchioness of Chomondeley, Sybil Sassoon, and later by Lady Churchill in 1953 for the Nobel Prize Ceremony.

    At the 2022 debutante ball in Paris, Princess Helene d’Orelans had loaned the necklace to her namesake.

  • Diamond Industries suspends manufacturing operations due to unavailability of raw materials

    Diamond Industries suspends manufacturing operations due to unavailability of raw materials

    A major manufacturer of foam products in Pakistan, Diamond Industries Limited has announced to suspend its manufacturing operations from today owing to a shortage of imported raw material.

    The company informed the Pakistan Stock Exchange about the closure in a notice.

    “Due to adverse economic conditions in the country and non-availability of imported raw material, the company has suspended its manufacturing operations for a short term with effect from Tuesday, January 10, 2023, till further notice subject to the availability of imported raw material in the country,” read the notice.

    The announcement follows several companies announcing reductions in production or shutdowns of operations due to slow sales and low inventory.

    It is worth noting that Diamond Industries has been known for selling foam products in the country for more than three decades.

    Experts believe that the situation of industrial sector does not seem to improve soon.

  • Gold prices go up by Rs350 per tola to Rs130,300

    Gold prices go up by Rs350 per tola to Rs130,300

    The price of gold in the local market soared by Rs350 per tola (11.7 gramme) on April 13. All Pakistan Jewellers Manufacturers Association stated that the precious yellow metal is currently trading at Rs130,300 per tola.

    Accordingly, the cost of 10 gramme of gold jumped by Rs300 to Rs111,711. Silver prices in the local market as of April 13, remained constant at Rs1,520 and Rs1,303.15.

    Gold prices touched a one-month high in the international market as surging consumer costs bolstered its desirability as an inflation hedge, while investors seemed to ignore the Federal Reserve’s imminent interest rate hike and a healthier dollar.

    By 12:40 pm. ET (1640 GMT), spot gold had risen 0.6 per cent to $1,978.81 per ounce, after reaching its highest level since March 14 at $1,979.95. Gold futures in the United States (US) increased 0.3 per cent to $1,982.6.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Bullion prices surged $22 per ounce on the global market, settling at $1,977 per ounce. When compared to the Dubai market, gold prices in Pakistan are approximately Rs5,000 cheaper.

  • Gold loses shine, price drops by Rs2,000 to Rs132,300 per tola

    Gold loses shine, price drops by Rs2,000 to Rs132,300 per tola

    Gold prices fell sharply in the local market on April 8, following the US dollar’s loss of value versus the rupee.

    The price of precious yellow metal dropped by Rs2,000 to Rs132,300 a tola (11.66 grams). Similarly, the cost of 10 grammes of gold decreased by Rs1,715 to Rs113,426. On the flip side, it jumped from $6 to $1,933 per ounce (28.3 gram) on the global market.

    The yellow metal in Karachi is reportedly selling for as low as Rs129,400, while 10 grams is being sold at Rs110,940. This rate for 24K gold announced by the Sarafa Bazar Association is also followed by the majority of gold markets in cities including Lahore, Islamabad, Peshawar, Quetta, and Karachi.

    The Pakistani rupee (PKR) gained Rs3.50 yesterday against the US dollar, making it the greatest single-day gain since April 2020. The local currency is currently trading at Rs184.68.

    During inter-day trading on April 7, the domestic unit crossed the Rs189 threshold, notwithstanding the political uncertainty. However, following a Rs2.5 depreciation, it concluded at Rs188.18.

    The gold correction had been overdue for a long time, since the political turmoil had created widespread panic, and individuals were transferring their capital to gold, as various rules had made it difficult for everyone to buy dollars.