Qatari royals fight in British court over ‘Idol’s Eye’ diamond
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The dispute over the "Idol's Eye" diamond is being heard in London's High Court.
PHOTO: REUTERS
LONDON – Two branches of Qatar’s royal family began their fight over a diamond worth millions of dollars in London’s High Court on Nov 11, with a company run by a cousin of Qatar’s Emir trying to enforce his alleged right to buy the 70-carat gemstone.
The dispute over the “Idol’s Eye” diamond pits art collector Hamad bin Abdullah Al Thani, cousin of Qatar’s ruler, Sheikh Tamim bin Hamad Al Thani, against the relatives of former culture minister Saud bin Mohammed Al Thani.
The “Idol’s Eye” is among the world’s most famous diamonds. According to Jeweller Magazine, it is “a 70.21-carat Golconda diamond, possessing a blue tinge characteristic of many diamonds from that source, and shaped like an old-mine cut – but with nine main facets instead of eight”. It was found in India some time in the 1600s.
Sheikh Saud, who was Qatar’s minister of culture between 1997 and 2005, was one of the world’s most prolific art collectors and bought the Idol’s Eye diamond in the early 2000s.
He lent the diamond to private investment company Qipco, whose chief executive is Sheikh Hamad, shortly before his death in 2014.
The agreement gave Qipco the option to buy the diamond with the consent of Elanus Holdings, a company ultimately linked to Sheikh Saud’s relatives.
Elanus is ultimately owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud’s widow and three children.
The two sides disagree over how much the gem is worth.
Qipco’s lawyers say that a 2020 letter sent by the Al Thani Foundation’s lawyer amounted to an agreement to sell the Idol’s Eye diamond for US$10 million (S$13.3 million) and is asking the High Court to order Elanus to sell the gem to Qipco.
Elanus, however, argues that the letter was sent by mistake.
Elanus’ lawyer Sa’ad Hossain said in court filings that Sheikh Saud’s son, Sheikh Hamad bin Saud Al Thani, had “only sought to explore the possibility of a sale at the right price”, but had not consulted the foundation’s other beneficiaries.
Mr Hossain added that Elanus’ diamond expert valued the gemstone at around US$27 million, which Qipco’s lawyers said was an attempt to achieve a higher purchase price. REUTERS
