Court Rejects Bid to Force Sale of $10m Idol's Eye Diamond
February 17, 25
(IDEX Online) - A court in the UK has thrown out a bid by a relative of Qatar's ruler to force the sale of The Idol's Eye, a 70.21-carat light blue Golconda diamond estimated to be worth at least $10m.
London's High Court ruled (on 13 February) against Qipco, (Qatar Investment & Projects Development Holding Company) a private investment company run by art collector Sheikh Hamad bin Abdullah al-Thani, first cousin of the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.
Qipco had filed a lawsuit against Elanus Holdings Limited, based in Guernsey and owned by the late Sheikh Saud bin Mohammed Al Thani, Qatar's former culture minister who oversaw the acquisition of the country's sizable national art collection.
Sheikh Saud lent the diamond - said to be from a Golconda mine, in India - to Qipco shortly before his death in 2014, with an option to buy.
Qipco claimed Elanus offered to sell the gem in February 2020, but then pulled out. It brought the case in an attempt to force Elanus to go through with the sale.
But Elanus said the letter was sent by mistake. A judge ruled in favor of Elanus and rejected Qipco's application to enforce the sale.
Both sides also disputed the value of the gem, with Elanus claiming an independent expert had valued it at $27m.
Pic of the Idol's Eye courtesy famousdiamonds.tripod.com