Qatari royals battle over ‘Idol’s Eye’ diamond in London court

The Qatar royal family's rival members are fighting over the largest cut blue diamond of the world in London's High Court, as one party forcing for sale of an opulent 70-carat “Idol’s Eye” gemstone for an amount of $10 million.

The diamond, which was once owned by the Ottoman Empire's sultan, has been the issue of contention in the lawsuit filed by a conglomerate which Qatar's art collector Sheikh Hamad bin Abdullah al-Thani runs, called Qipco.

In the case, the defendant is Elanus Holdings Limited, which is based in Guernsey and controlled by the late Sheikh Saud bin Mohammed al-Thani's heirs, who had led the acquisition of the extensive national art collection of Qatar.

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Qipco, which is a private company that sponsors the UK’s Royal Ascot horse races, filed a case forcing Elanus to sell the diamond called “Idol's Eye” for a price of $10 million at least as per the terms of a 2014 contract signed between the entities.

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The lawsuit is based on the deal signed in May 2014 under which Elanus was supposed to hand over “Idol’s Eye” to Qipco as a loan for 20 years.

As per the agreement, Qipco has the right to purchase the jewel, if Elanus is willing to sell it. The price of the diamond would be $10 million or the average of the two valuations quoted by major auction houses, whichever figure is higher.

As per Qipco, Elanus is controlled by the family of the late Sheikh Saud through the Lichtenstein-registered Al-Thani Foundation.

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As per the lawsuit, in February 2020, Qipco was notified by Al-Thani Foundation's Swiss-based lawyer Dr Dieter Neupert, through a letter, that the family was willing to sell the “Idol’s Eye”.

However, the same month, Qipco was sent another mail saying they did not wish to sell it anymore.

In the email, Neupert wrote, “Due to the coronavirus, the Family does not want to sell,” he wrote.

(With inputs from agencies)