Qatar's royal family fights legal battle over 'Idol’s Eye' diamond in London court

A 70-carat "Idol’s Eye" diamond worth $10 million, once owned by the sultan of the Ottoman Empire, has now become a major reason for a court battle within the royal family of Qatar. The dispute has reached London's High Court for settlement as family members are facing each other as one side wants to sell the precious stone.

A lawsuit has been filed by the conglomerate named Qipco, which is run by Qatar's art collector Sheikh Hamad bin Abdullah al-Thani, against Guernsey-based Elanus Holdings Limited, which is controlled by the late Sheikh Saud bin Mohammed al-Thani's heirs.

Why is Qatar's royal family fighting over the 'Idol’s Eye' diamond in London Court?

According to the 2014 contract signed between the two parties, Qipco filed a lawsuit forcing Elanus to sell the diamond for a price of $10 million, and Elanus was supposed to give "Idol's Eye" to Qipco in the form of a loan for 20 years. The agreement states that Qipco can purchase the diamond if Elanus is ready to sell it.

Sheikh Saud was once one of the biggest buyers in the global art market in the 2000s and was popular for his extraordinary collections for several years. His collection is still found across Doha's museums as well as in the Jean Nouvel-designed Doha Tower in the city’s West Bay. Whereas, Qipco boss Sheikh Hamad, the son of a former prime minister, has emerged as Qatar's preeminent collector. If reports are to be believed, Hamad is building a large collection that includes some of the best Mughal jewellery. His collection has been exhibited in major museums across the world.

As per the lawsuit, in February 2020, Al-Thani Foundation's Swiss-based lawyer Dr Dieter Neupert had informed Qipco that the family was willing to sell the jewel but later they denied it. Qipco was sent another letter saying that Elanus Holdings Limited did not wish to sell it anymore. Citing COVID-19 as the reason to break the deal, the email sent by Neupert read, "Due to the coronavirus, the family does not want to sell." According to reports, Elanus has not yet filed any documents in defence of his case. However, the lawsuit filed by Qipco indicates that Elanus never wanted to sell the "Idol's Eye."

Image: Unsplash/Representative