Qatar Royal Family Resolves Legal Dispute Over Idol’s Eye Diamond

The Idol’s Eye diamond legal dispute ended with a ruling that the 70-carat gem will stay with the family of a former Qatari culture minister. Sheikh Hamad claimed ownership through a sale offer; however, the court ruled against it. Valued at $27 million, the diamond has a rich history with numerous past owners.

A legal dispute regarding the ownership of the renowned 70-carat diamond known as the Idol’s Eye concluded in London on Thursday, with a judge ruling that the gem will stay with the family of a former Qatari culture minister. The ruling ended the contention between two branches of the Qatar royal family, clarifying the diamond’s rightful ownership.

Sheikh Hamad bin Abdullah al-Thani, an art collector based in London, asserted his claim to purchase the Idol’s Eye from Elanus, the company linked to the family foundation of the late Sheikh Saud bin Mohammed bin Ali al-Thani. Sheikh Hamad argued that he was promised the opportunity to buy the diamond in 2020, and he sought court enforcement of his rights through his investment firm, Qipco.

Conversely, the Mohammed Ali al-Thani faction disputed the sale’s legitimacy, contending that there was no genuine consideration for selling the gem. The court ruled that Elanus could not be forced to sell the Idol’s Eye, thus securing the gem’s status within the family of Sheikh Saud.

Elanus’ attorney, Sa’ad Hossain KC, highlighted the significance of the Idol’s Eye, stating it was kept in Sheikh Saud’s personal safe in London and was among his most prized possessions.

The estimated value of the Idol’s Eye is reported to be approximately $27 million, according to an expert from Elanus. This valuation underscores the diamond’s importance in the art and collectibles market.

The Idol’s Eye holds a rich history, believed to be the largest cut blue diamond globally. Its storied past traces ownership from a Persian prince and through various American collectors and jewelers before it reached London. The diamond ranks alongside other historical gems like the Hope Diamond and the Great Star of Africa, having origins in the Golconda region of India during the 17th century.

The recent court ruling confirms that the Idol’s Eye diamond will remain with the former culture minister’s family, resolving a legal dispute within the Qatar royal family. The diamond’s remarkable history, coupled with its immense value, continues to make it a significant artifact in the world of precious stones.

Original Source: www.forbes.com