Two branches of Qatar’s royal family launched a dispute over a diamond worth millions of dollars in London’s High Court on Monday, with a company run by a cousin of the Qatari emir seeking to enforce its alleged claim to purchase the 70-carat precious stone. .
The dispute over the “Idol’s Eye” diamond pits art collector Sheikh Hamad bin Abdullah Al Thani, cousin of Qatar’s ruler Sheikh Tamim bin Hamad Al Thani, against relatives of former culture minister Sheikh Saud bin Mohammed Al Thani.
Sheikh Saud, who served as Qatar’s culture minister between 1997 and 2005, was one of the world’s most prolific art collectors and purchased the Idol’s Eye diamond in the early 2000s.
He loaned the diamond to QIPCO – whose CEO is Sheikh Hamad bin Abdullah – shortly before his death in 2014.
The deal gave QIPCO the ability to buy the diamond with the consent of Elanus Holdings, a company linked to Sheikh Saud’s relatives.
Elanus is owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud’s widow and three children.
The two sides disagree on the value of the jewel.
QIPCO’s lawyers argue that a 2020 letter sent by the Al Thani Foundation’s lawyer amounted to an agreement to sell the Idol’s Eye diamond for $10 million and are asking the Supreme Court to order Elanus to sell the gem to QIPCO.
Elanus, however, claims that the letter was sent in error.
Elanus’ lawyer Sa’ad Hossain said in court that Sheikh Saud’s son, Sheikh Hamad bin Saud Al Thani, “only attempted to explore the possibility of a sale at the right price” but did not consult the other beneficiaries of the foundation.
Hossain added that Elanus’ diamond expert valued the gemstone at around 27 million, which QIPCO’s lawyers said was an attempt to obtain a higher purchase price.
Source: Terra
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