Diamond credit card shines in crisis-hit Kazakhstan
ALMATY (Reuters Life!) - Sick of the global credit crisis? Get yourself a diamond credit card as consolation.
A bank in Kazakhstan, an oil-rich Caspian nation, has unveiled a new VISA card encrusted with a shiny 0.02 carat diamond and laced with an elaborate gold pattern.
"It's (designed) for a private club of VIP clients," said Dmitry Nikolin, executive director of Kazakhstan's mid-size Eurasian Bank which released the card on Tuesday.
The card will be issued for clients with an annual income of at least $300,000, targeting a thin layer of affluent consumers in a vast nation where the average monthly wage is about $500.
Nikolin told Reuters it was the first VISA card of this kind in the world and will be offered to clients beyond Kazakhstan.
Like other resource-rich former Soviet states, Kazakhstan developed fast on the back of booming commodity prices but a sharp downturn in oil prices this year and the end of credit expansion has snapped its double-digit economic growth.
Kazakhstan is now facing the challenge of growing social tensions as the crisis eats away at people's savings and widens the rich-poor divide in a nation where up to one quarter of the 16 million population lives in poverty, according to U.N. figures. (Reporting by Masha Gordeyeva; Writing by Maria Golovnina; Editing by Katie Nguyen)
- Tweet this
- Share this
- Digg this
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Russia can run on empty for a year if sanctions block new bonds
- Mumbai hit by big power cuts after technical glitch at Tata Power unit
- Rupee sees biggest fall in three weeks on broad dollar gains
- 100 days of Modi: Good for business, not so good for marginalised groups
Pop star Justin Bieber was charged with assault and dangerous driving over the weekend after an incident near the small Canadian town where he grew up, one of his lawyers said in a statement on Tuesday. Full Article