Legal Battle Over The Idol’s Eye: Qatar’s $27 Million Diamond

The Idol’s Eye, a 70.21-carat blue diamond worth over $27 million, is the subject of a legal battle in Qatar’s royal family. Initially loaned by Sheikh Saud to his cousin, complications arose after his death, leading to proposed sales that were contested. Ultimately, the High Court ruled against the diamond’s sale due to family disagreement.

The Idol’s Eye diamond, valued over $27 million, weighs 70.21 carats and is recognized as possibly the world’s largest cut blue diamond. Measuring only 2.6cm by 2.45cm, this rare gem has become a focal point of a significant legal dispute involving two branches of Qatar’s royal family. This case raises the critical question: Is The Idol’s Eye for sale?

Originating from the famed Golconda mines in India, The Idol’s Eye is among the most sought-after diamonds worldwide. The region was historically recognized for producing precious stones renowned for their clarity and brilliance. Globally acclaimed diamonds such as the Hope Diamond and the Kohinoor also trace their roots back to these mines, characterized by pure luminosity and transparency.

The diamond’s fascinating history dates back to the 17th century when it was allegedly discovered amid a flourishing diamond trade. Legends surrounding The Idol’s Eye suggest it has been involved in tales of theft, princes, and financial restitution. The stone’s tangible history begins in 1865 when it was auctioned at Christie’s in London before moving through several royal and noble hands.

Sheikh Saud bin Mohammed Ali Al-Thani, Qatari prince and ardent art collector, acquired the diamond sometime after 2001. The legal challenges began when he loaned The Idol’s Eye to his cousin, Sheikh Hamad bin Abdullah Al Thani, in early 2014, creating a complicated ownership situation that would lead to courtroom battles after Sheikh Saud’s death in 2014.

Following Sheikh Saud’s passing, discussions about selling The Idol’s Eye surfaced within the family as a means to settle debts. His son, Sheikh Hamad bin Saud Al-Thani, expressed his intent to sell to fund potential family investments, leading to the involvement of Swiss lawyer Dieter Neupert who notified interested parties about the possible sale of the diamond. However, family opposition quickly emerged.

Sheikha Sara bint Saud Al-Thani, Sheikh Saud’s daughter, was reportedly unaware of the attempted sale until March 2020 and expressed her shock at learning of her brother’s plans. The subsequent family distress led Dr. Neupert to retract the sale notice, citing the impact of the COVID-19 pandemic on the diamond market, claiming the family would not proceed with the sale.

As the situation escalated, Qipco Holdings sought formal valuation through Christie’s, resulting in estimates between $7 to $10 million for The Idol’s Eye. The matter escalated to London’s High Court, where Elanus Holdings contested the legitimacy of the sale decision made by Sheikh Saud’s son without full family consent.

The court proceedings concluded with a dismissal ruling against the sale of The Idol’s Eye, noting the lack of consensus among the family regarding the decision. Judge Birt confirmed there was no collective wish to sell, particularly after Sheikha Sara and Sheikha Amna voiced their strong objections to the proposed transaction, establishing that the family did not want the diamond sold.

The Idol’s Eye diamond, valued at over $27 million and steeped in a rich history, is currently at the center of a legal dispute within the Qatari royal family. The intricate details of its past and ownership have ignited conversations surrounding its potential sale, although disagreement among family members has resulted in a court ruling against the sale. This case highlights the complexities surrounding high-value assets and family dynamics in royal lineages.

Original Source: www.abc.net.au