Qatar Royals Battle over 70-ct Idol's Eye Diamond
January 09, 23
(IDEX Online) - Members of Qatar's royal family are locked in a legal battle over The Idol's Eye, a 70.21-carat Golconda diamond with an estimated $10m value.
Qipco, a private investment company run by art collector Sheikh Hamad bin Abdullah al-Thani has filed a lawsuit in London against Elanus Holdings Limited, based in Guernsey.
Qipco claims Elanus is owned by the late Sheikh Saud bin Mohammed Al thani, who oversaw the acquisition of Qatar's sizable national art collection, according to a Financial Times (FT) report.
Elanus reportedly loaned the diamond to Qipco in 2014 for 20 years, with an option to buy.
According to the lawsuit, Elanus offered to sell the gem in February 2020, but then pulled out.
Qipco is now asking the High Court, London, to force Elanus to go through with the sale.
Neither Pinsent Masons, Qipco's law firm, nor Elanus's law firm, Farrer & Co, commented to the FT.
Pic of the Idol's Eye courtesy famousdiamonds.tripod.com