Qatari Royals Battle in UK Court Over 'Idol's Eye' Diamond Ownership
Royal Family Members Dispute Multimillion-Dollar Gem Purchase Rights
In London's High Court, a legal battle has unfolded between two branches of Qatar's royal family over the right to purchase the 'Idol's Eye,' a 70-carat diamond valued at millions of dollars.
The case involves Sheikh Hamad bin Abdullah Al Thani, an art collector and cousin of Qatar's Emir, Sheikh Tamim bin Hamad Al Thani, and the family of the late Sheikh Saud bin Mohammed Al Thani, a former culture minister.
Sheikh Saud, renowned for his extensive art collection, acquired the diamond in the early 2000s and lent it to QIPCO, where Sheikh Hamad bin Abdullah is the chief executive, shortly before his passing in 2014.
The borrowing agreement included an option for QIPCO to purchase the diamond contingent on consent from Elanus Holdings, controlled by Sheikh Saud's family through the Liechtenstein-based Al Thani Foundation.
The foundation's beneficiaries are Sheikh Saud's widow and three children.
Disputes arose over the diamond's valuation, with QIPCO's attorneys asserting a 2020 letter from the Al Thani Foundation's lawyer constituted a $10 million sale agreement.
Conversely, Elanus claims the letter was a mistake, contesting its validity.
Elanus' legal representation, Sa'ad Hossain, highlighted internal family discussions, stating Sheikh Hamad bin Saud Al Thani merely explored selling at an appropriate price without consulting other beneficiaries.
Elanus suggests an expert appraised the diamond at $27 million, while QIPCO claims this valuation seeks an inflated selling price.
The case involves Sheikh Hamad bin Abdullah Al Thani, an art collector and cousin of Qatar's Emir, Sheikh Tamim bin Hamad Al Thani, and the family of the late Sheikh Saud bin Mohammed Al Thani, a former culture minister.
Sheikh Saud, renowned for his extensive art collection, acquired the diamond in the early 2000s and lent it to QIPCO, where Sheikh Hamad bin Abdullah is the chief executive, shortly before his passing in 2014.
The borrowing agreement included an option for QIPCO to purchase the diamond contingent on consent from Elanus Holdings, controlled by Sheikh Saud's family through the Liechtenstein-based Al Thani Foundation.
The foundation's beneficiaries are Sheikh Saud's widow and three children.
Disputes arose over the diamond's valuation, with QIPCO's attorneys asserting a 2020 letter from the Al Thani Foundation's lawyer constituted a $10 million sale agreement.
Conversely, Elanus claims the letter was a mistake, contesting its validity.
Elanus' legal representation, Sa'ad Hossain, highlighted internal family discussions, stating Sheikh Hamad bin Saud Al Thani merely explored selling at an appropriate price without consulting other beneficiaries.
Elanus suggests an expert appraised the diamond at $27 million, while QIPCO claims this valuation seeks an inflated selling price.