Qatari Royal Family Member Loses Court Case Over Idol’s Eye Diamond

A legal dispute over the 17th-century Idol’s Eye diamond concluded with Sheikh Hamad bin Abdullah Al Thani losing his case against the heirs of the late Sheikh Saud bin Mohammed Al Thani. The High Court dismissed QIPCO’s claim regarding a $10 million agreement for the diamond, which is valued at approximately $27 million. The diamond has a storied history and is associated with various prominent figures and legal controversies.

A member of Qatar’s ruling family has lost a legal dispute in London over the Idol’s Eye diamond, a historical 17th-century gemstone. The case involved Sheikh Hamad bin Abdullah Al Thani and relatives of the late Sheikh Saud bin Mohammed Al Thani, who was known for his extensive art collection, including the Idol’s Eye, purchased in the early 2000s. After Sheikh Saud’s death in 2014, the diamond was lent to QIPCO, a Qatari investment firm led by Sheikh Hamad.

The contention arose when QIPCO claimed that a 2020 letter from Elanus Holdings, linked to Sheikh Saud’s heirs, represented a sale agreement for the diamond at $10 million. Conversely, Elanus contended that the letter was mistakenly sent. The High Court, presided over by Judge Simon Birt, ultimately declined QIPCO’s request to enforce the sale, noting the uncertain history of the diamond and its value.

Discovered in a mine in Golconda, India, and previously owned by the Ottoman Sultan Abdul Hamid II, the Idol’s Eye was acquired by gem dealer Harry Winston in 1946. Presently, it is part of a platinum necklace and pendant featuring 152 additional diamonds weighing an estimated 47.30 carats. Legal disagreements included differing estimates of the diamond’s worth, with Elanus claiming it to be valued at roughly $27 million.

Sheikh Hamad, an influential figure in British horse racing and notable art collector, has also been involved in other legal disputes, including a case concerning two ancient artifacts he purchased for $5.2 million that were later deemed modern forgeries. Furthermore, he acquired a marble bust allegedly depicting Alexander the Great, which turned out to be a modern reproduction worth much less than the $3 million paid.

The court ruling in favor of Elanus Holdings highlights the complexities of inheritance and art ownership within royal families. The case has drawn attention not only for the historical significance of the Idol’s Eye diamond but also for the intricacies of legal agreements within high-value transactions. Sheikh Hamad’s previous legal challenges further illustrate the risks associated with art and collectibles investments. This ruling leaves the future of the Idol’s Eye diamond uncertain amid competing claims of ownership and valuation.

Original Source: www.thenationalnews.com