DUBAI // Police were preparing today to hand over four suspects arrested at Dubai international airport after they allegedly pulled off a diamond heist at a jewellery show in India. Diplomatic efforts have been under way since the arrests to extradite the group back to Mumbai. A Mumbai police team was expected to arrive in Dubai yesterday to escort the group back along with the gems. Major Gen Khamis al Mazeina, Dubai's deputy police chief, said: "We are currently completing their papers and hopefully they will be transferred back to India".
Elvia Grissel Guerrero Lugo, 24, Mauricio Gonzalez Maldonado, 24, Elias Campos Molan, 39, all from Mexico, and Orlando Gutierez of Venezuela are alleged to have walked out of the Indian International Jewellery Show on Monday with stolen diamonds weighing 887 carats, valued at US$1.4 million. Indian officials confirmed that the process of returning them to India was moving swiftly. Himanshu Roy, Mumbai's joint commissioner of police for law and order, said today: "We have communicated with the Dubai police and all four of them will be deported tonight." .
Closed-circuit television footage showed the group taking the gems from a stall at the show belonging to the Israeli company Dalumi Group. Three men could be seen distracting the booth's attendant while a woman picked up a box of diamonds, put it in her handbag and walked towards the main exit. The group left the exhibition hall without being stopped by security guards. They then drove to Mumbai's international airport, about 20 minutes from the show venue, and boarded an Emirates Airline flight destined for Hamburg that included a stop in Dubai. The attendant discovered the robbery soon after the suspects left the hall and informed the show's organisers, who called police. An Interpol alert was immediately issued by Indian authorities. Dubai airport security officials were informed of the robbery and were on the lookout for the suspects, who were arrested immediately after they landed.
The arrests and recovery of the spoils were made within 24 hours of the heist. The jewellery show, which opened in Mumbai on August 19 and ended on Monday, is the third-largest of its kind in the world.
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How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
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