A legal dispute over the Idol’s Eye, a 70.21-carat light blue diamond, began on Monday, November 11, at the High Court in London. The diamond, shaped like an eye, is at the center of a disagreement between two branches of Qatar’s royal family over its value, which could range from $10 million to $27 million.
The case involves Qipco, a private investment company led by Sheikh Hamad bin Abdullah al-Thani, a cousin of Qatar’s ruler, Sheikh Tamim bin Hamad Al Thani, and Elanus Holdings, a company tied to the family of former culture minister Sheikh Saud bin Mohammed Al Thani.
In 2014, Elanus loaned the Idol’s Eye to Qipco for 20 years, with an option for Qipco to buy the diamond. However, the two parties are in conflict over the diamond’s worth. While Qipco estimates it at least $10 million, Elanus’s diamond expert has valued it at $27 million.
The disagreement also involves a failed sale. Qipco claims that Elanus offered to sell the diamond in February 2020 but later backed out, a point Elanus disputes. Now, Qipco is asking the High Court to compel Elanus to proceed with the sale.
The Idol’s Eye has a storied past. It was first discovered in 1600 at the Kollur Mine in southern India, part of the Golconda Sultanate. Initially owned by Prince Rahab of Persia, it was later auctioned by Christie’s in London in 1865. The diamond has passed through many hands over the centuries, including those of renowned jewelers Harry Winston and Laurence Graff.
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