From Investing.com: 2024-11-11 11:47:29

Two branches of Qatar’s royal family are locked in a legal battle over a 70-carat diamond in London’s High Court. The dispute involves art collector Sheikh Hamad bin Abdullah Al Thani and the relatives of former culture minister Sheikh Saud bin Mohammed Al Thani, who bought the “Idol’s Eye” diamond in the early 2000s.

Sheikh Saud lent the diamond to QIPCO, whose CEO is Sheikh Hamad bin Abdullah, before his death in 2014. The agreement gave QIPCO the option to buy the diamond with the consent of Elanus Holdings, owned by the Al Thani Foundation linked to Sheikh Saud’s widow and children. The disagreement centers on the gem’s value.

QIPCO’s lawyers claim a 2020 letter from the Al Thani Foundation’s lawyer agreed to sell the diamond for $10 million, seeking a court order to enforce the sale. Elanus argues the letter was sent in error. Elanus’ lawyer stated Sheikh Saud’s son only explored a sale at the right price, valuing the gem at $27 million.

The legal battle highlights the high stakes involved in the ownership and valuation of precious gems within Qatar’s royal family, with millions of dollars at stake. The outcome of the court case will determine who has the rightful claim to the valuable “Idol’s Eye” diamond.



Read more at Investing.com: Qatari royals fight in UK court over ‘Idol’s Eye’ diamond By Reuters