Stargems Group Sells over 2 million Carats through Diamond Tenders at Dubai Diamond Exchange

The Dubai Diamond Exchange (DDE), a subsidiary of DMCC, in collaboration with Stargems Group, has completed six successful rough diamond tenders of SACIM goods (Anhui-Congo Mining Investment Company) with over 2 million carats sold. The tenders were held at the Almas Tower with around 200 diamond companies in attendance and were facilitated by the Dubai Diamond Exchange in a secure, transparent and regulated environment.

Earlier this year, DMCC signed a strategic partnership with Stargems, specialised in the sourcing and supply of fine diamonds, to host a series of rough diamond tenders. The agreement enables members, miners and suppliers from around the world to trade and distribute rough diamonds at Stargems’ events hosted at DDE’s headquarters in Almas Tower.

The six tenders offered clients the opportunity to bid for rough diamonds from Angola, the Democratic Republic of Congo and South Africa. More than 2 million carats have been sold at the tenders, which achieved prices and volume expectations and reflect the constant demand for rough diamonds and the positive sentiment across the industry.

In the first nine months of 2018, the DDE recorded a remarkable increase in rough diamond tenders and total sales of just under USD 200 million, up by 75 per cent compared to 2017.

“A combination of Dubai’s unique geographic position between producing and consuming markets and DDE as a leading diamond trading hub in the centre of the region has helped Stargems secure strong volume and sales for their diamonds. Our partnership with Stargems is part of our ongoing efforts to present real and tangible opportunities for members of the diamond industry and bridges the gap between the diamond producing nations and the manufacturers. These are essential in helping traders conduct their business safely, efficiently and confidently,” Ahmed Bin Sulayem, Executive Chairman, DMCC and DDE Chairman, said.

“Dubai is the third biggest diamond trading hub in the world with US$16.7 billion of rough diamonds traded in 2017, and will continue to play a central role for the diamond trade” Ahmed Bin Sulayem added.

Shailesh Javeri, Group Chairman and Founder of Stargems Group said: “Since we started our operations and collaborated with DMCC in early 2018, we have experienced continuous growth. We continue to enjoy an increasing number of participants from across the leading diamond centres. Our partnership with the DDE will undoubtedly enable us to continue this growth trend.”

 

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Disinheritance and the law: Just how binding is a last will and testament?

Theo Hoppen, Senior Solicitor at the Stowe Family Law Harrogate office joins us on the blog to look at issues surrounding inheritance and wills.

When Melita Jackson passed away in 2004 she left an estate valued at just under £500,000. Two years previously she had made her last will that disinherited her estranged daughter (Heather Ilott) and instead left most of her estate to three animal charities.

What followed was a long and protracted court battle that took over 10 years and ended up in the highest court in the land, the Supreme Court and the ruling that the disinherited daughter should receive some financial provision.

As a family lawyer, one of my specialisms is cases where there are an inheritance, wills, trust and estate issues, I find that people are often shocked to hear that the court can go against the deceased’s wishes and override the terms of his or her will. Surely you can leave your money to whoever you please?

Well actually, in some cases it turns out you can’t. The Inheritance Act of 1975 was intended to make financial provision for those who had not inherited due to no will, been left out of a will or not been left as much as they need. It allows people to make claims against an estate if they have not been ‘reasonably financially’ provided for.

Today, there is a surge across Britain of inheritance disputes and I have noticed the number of cases increasing in the Harrogate area.  And whilst every case I work on is different, I can see two main factors driving this:

Families are more complicated: With a high divorce rate (it is dropping now) over the last two decades, there has been a rise in second and third families who don’t always agree. I have worked with a number of middle-aged children whose Mum or Dad have remarried and they are worried about their inheritance.

House prices: Today house prices are high enough that virtually every homeowner leaves an estate to fight over.

So, what do you need to do to make a claim?

The first thing is to obtain a copy of the will, if there is one.   You then need to try and find out about the assets within the estate and what they are worth.  I can help you obtain this information if you are unable to do so yourself.  It is only when this information is to hand, that I can advise you with any certainty as to whether you have a claim.

The basis of the claim is that reasonable provision has not been made by the deceased for the claimant.

All sounds simple, well unfortunately not. You and your solicitor will need to prove to the court that the provision you have been left, if any, is not sufficient to meet your needs.  There are a number of factors the court will take into consideration including the size of the estate, the financial needs of the applicants and any physical or mental disability of the applicant and more.

The earlier you seek legal advice the better. It is much easier to sort out a claim before property, land, money and assets have been distributed. There are also certain time limits. This will depend on the type of will and claim but can be as little as six months. If you delay pursuing a claim, the court can refuse to hear your case meaning you cannot challenge the will.

How I can help?

I have worked with many clients to make successful claims under the Inheritance Act. I can also help if you are an executor or beneficiary and someone else is contesting the will. The Supreme Court’s decision in the Ilott v Mitson certainly highlighted the need for anyone making a will, especially one that may prove controversial, to always seek legal advice to safeguard (as far as possible) the assets within the will against any potential beneficiaries who may claim.

You can contact Theo below or visit: stowefamilylaw.co.uk

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My Request to Rescind MSBA Ethics Opinion 1992-19 Prohibiting MarkUp on Payments for Freelance Lawyers – My Shingle

As regular readers know, I complain about stupid ethics rules. Almost all. the. time. Years ago, I actually took steps to influence the rules. I wrote letters and gave webinars to explain ethics initiatives. But no one listened and I ran out of steam so I turned my attention back to my law practice which was paying the bills.

But now that there at least appears to be a groundswell of support for changing ethics rules (at least on Twitter), I decided to give it another go. This time, I plan to focus on changing ethics rules in the jurisdictions where I practice. Here’s my first effort: a request to the MSBA Ethics Committee to rescind its quarter of a century old ethics opinion that prohibits attorneys from marking up freelance lawyer costs. My arguments are explained in this letter which I submitted this evening. Would appreciate your comments – whether pro or con.

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Central African Republic Appeals to International Mining Community to Engage In Responsible Sourcing

Ministry of Mines and Geology, Honourable Leopold Mboli Fatran, has appealed to international diamond mining companies and international diamond trading companies to engage together with CAR to come to responsible sourcing in the country.

It is the intent of the CAR government to look for partners for structural reform of its artisanal mining sector to revive the normalization of its diamond trade and to combat the illicit activities and smuggling. At the same time, these partners for the future should engage in capacity building projects for the benefit of CAR’s youth.  

“From the CAR government’s side, tax incentives will be considered. By the end of 2018, it is the intention of the CAR Government to announce a new policy to ensure the return of responsible diamond mining to the country,” said Hon. Leopold Mboli Fatran, Minister of Mines and Geology of the Central African Republic.

To allow this to happen in a transparent and responsible way, the CAR Government at the same time asks the Kimberley Process family to approve the compliance of 9 additional zones in the Western part of the country.

All zones which CAR asks to acknowledge compliance are fulfilling the procedures as per the administrative decision and the Operational Framework. In particular, the following conditions are met:

• The CAR Government has established and implemented the appropriate monitoring mechanisms;
• The overall security situation enables free movement of goods and persons;
• The zones are under appropriate and sufficient CAR Government control, in particular by the territorial administration, mining administration, USAF, Gendarmes and Police;
• There is no evidence of systematic, rebel-based armed group activity impacting internal controls in the diamond production or trade.

The decision taken at the KP Intersessional in June to reduce export timings to 7 days was very welcome. At the same time it has not yet resulted in an increase in production as the months of July and August are the peak of the rainy season and artisanal activity is at its lowest point.

Peter Meeus, Special Advisor (Diamonds) to His Excellency the President Faustin-Archange Touadéra and the Honourable Leopold Mboli Fatran, Minister of Mines and Geology, said:  “CAR would welcome a formal Administrative decision on the 7-day approval process by the CAR MT, as agreed upon at the KP Intersessional in June as we believe a formalization of this decision is essential for the way forward and to get good international companies engaging in artisanal and alluvial mining in the country.

“Actors in the field have also brought up that in the competition with the illicit trade, they are facing several disadvantages. More specifically, the fact that they can only export once a month is a big burden. They have requested that the 7-day approval process be formalized and that they could export every fifteen (15) days a certain volume of diamonds from the CAR.”

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Forevermark & AVR Swarna Mahal Team Up to Launch New Collection

A.B.S Sanjjay, Managing Director, AVR Swarna Mahal, Models, Sachin Jain, President, Forevermark

Forevermark, the diamond brand from the De Beers Group, celebrates its growing association with AVR Swarna Mahal with the launch of a glittering new collection. AVR Swarna Mahal, which provides authentic jewellery and value for money to their clientele in Southern India, has created a special range of jewellery including earrings, pendants, rings, bangles, and necklaces set with beautiful, rare and responsibly sourced Forevermark diamonds. The new collection was presented in a glittering fashion show at the boutique in Salem.

“Less than 1 per cent of the world’s diamonds are eligible to become Forevermark. Using these diamonds in our designs not only enhances the jewellery but also maintains and increases our credibility with our customers. We are delighted to have associated with Forevermark, who are the diamond experts with the heritage of De Beers. The synergy of both our brands has bought about an ideal collaboration over the past few years,” said A.B.S Sanjjay, Managing Director, AVR Swarna Mahal.

“Forevermark is proud to be associated with AVR Swarna Mahal, one of the fastest growing retailers in South India. We ensure that we work exclusively with experts who are passionate about diamonds and committed to excellence like AVR Swarna Mahal, who live up to the promise of the brand. With our mutual love for the world’s finest diamonds, our customers can be sure to get the best of the best ” said, Sachin Jain, President, Forevermark India.

At AVR Swarna Mahal Forevermark had created a special black room enclosure where a beautiful Forevermark diamond was on display. A special laser light passed through the centre of this spectacular diamond displayed its brilliance. The beauty of a Forevermark diamond goes beyond the 4Cs and customers could witness this magnificence as the light refracted through the diamond in a multitude of colours making for a stunning visual spectacle. It was truly an unforgettable experience for AVR Swarna Mahal clients in Salem.

Forevermark diamonds are the world’s most carefully selected diamonds. Each Forevermark diamond undergoes a journey of rigorous selection and bears a unique inscription at its heart which is an assurance that every Forevermark diamond is beautiful, rare and responsibly sourced. The Forevermark collection is available for sale at AVR Swarna Mahal Salem.

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Non Sequiturs: 11.11.18 | Above the Law

Judge Jed Rakoff (screenshot via YouTube)

* The unstoppable Justice Ruth Bader Ginsburg maintains her three-Term streak as author of the Supreme Court’s first signed majority opinion — and, interestingly enough, it’s a unanimous affirmance of the Ninth Circuit (opinion by my former boss, Judge Diarmuid O’Scannlain). [Empirical SCOTUS]

* When he’s not busy issuing landmark decisions (and feeding his clerks to SCOTUS), Judge Jed Rakoff (S.D.N.Y.) writes erudite essays for the New York Review of Books — like his latest, a review of Joel Richard Paul’s new biography of Chief Justice John Marshall (affiliate link). [New York Review of Books]

* President Donald Trump is transforming the federal judiciary with his youthful and conservative appointments — but the extent of the transformation should not be exaggerated, for reasons identified by Ed Whelan. [Bench Memos / National Review]

* Ann Althouse analyzes some of the juiciest passages in Michelle Obama’s new memoir (affiliate link). [Althouse]

* It has been a long time — specifically, more than four years — since the Department of Justice has issued an opinion about the Foreign Corrupt Practices Act, as FCPA guru Mike Koehler points out. [FCPA Professor]

* Peter Schuck responds, in thoughtful and civil fashion, to the (many) critics of his and Rogers Smith’s argument that the Fourteenth Amendment does not require birthright citizenship for the children of unlawfully present aliens. [PrawfsBlawg]

* After last Tuesday’s elections, in which Louisiana approved a state constitutional amendment requiring a unanimous jury to convict in a criminal case, Oregon is the only state that allows conviction in some criminal cases without a unanimous jury — and Gerard Magliocca wonders if this is constitutional. [Concurring Opinions]

* He’s no stranger to our pages, but Isaac Lidsky — the child actor (Saved By The Bell) turned first blind SCOTUS clerk turned successful entrepreneur — still has many insights to share, as he does in this wide-ranging podcast with Goli Kalkhoran. [Lessons From A Quitter]

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David Lat is editor at large and founding editor of Above the Law, as well as the author of Supreme Ambitions: A Novel. He previously worked as a federal prosecutor in Newark, New Jersey; a litigation associate at Wachtell, Lipton, Rosen & Katz; and a law clerk to Judge Diarmuid F. O’Scannlain of the U.S. Court of Appeals for the Ninth Circuit. You can connect with David on Twitter (@DavidLat), LinkedIn, and Facebook, and you can reach him by email at dlat@abovethelaw.com.

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Expert Panel Committee Defers Green Clearance for Panna to NMDC

The Expert Appraisal Committee (EAC) of the Ministry of Environment, Forest and Climate Change in its meeting held on October 23-24 has decided to defer the environment clearance for diamond mining in Panna to the state-owned miner National Mineral Development Corporation (NMDC). The EAC has reportedly received a complaint highlighting the site’s proximity to a tiger reserve as well as a wildlife corridor.

The EAC observed that “The mine exists abutting the Panna Tiger Reserve and the mine also falls under the Buxwaha Protected Forest it is forest forms part of the wildlife corridor between Panna Tiger Reserve and Nauradehi Wildlife Sanctuary”. The committee has asked the Ministry to examine the issues.

The NMDC had acquired the mining rights of Majhgawan Diamond Mine and a supplementary section till 2020 under the Environment Impact Assessment (EIA) notification, 1994.  However, it had to approach the Environment ministry again as a Supreme Court ruling in April 2018 stated that mining projects which got environmental clearance in 1994 are required to obtain the green clearance under the EIA Notification, 2006.

Considering the area’s proximity to the Panna Tiger Reserve, the EAC has sought details of the environment and wildlife compliance and implementation of the conditions put on the NMDC. It also sought comprehensive details about the total proposed production quantity of diamonds, over burden, waste generation among others.

The Committee has now directed the Environment ministry to examine the issues and send details before the project be considered for approval.

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