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Qatari royal loses UK case over "Idol's Eye" diamond

The cousin of Qatar’s ruler has lost his battle at London’s High Court against another branch of Gulf nation’s royal family in relation to a 17th-century diamond valued at millions.

The dispute over "Idol's Eye", a diamond, pitted Sheikh Hamad Bin Abdullah Al Thani - cousin of Qatar's ruler, Sheikh Tamim Bin Hamad Al Thani - against the relatives Sheikh Saud bin Mohammed Al Thani.

Sheikh Saud was Qatar's Minister of Culture between 1997 and 2005. He was one of the most prolific art collectors in the world and purchased the 70-carat Idol’s Eye diamond early in the 2000s.

Shortly before his death, in 2014, he lent the stone to QIPCO. Its chief executive officer is Sheikh Hamad Bin Abdullah.

QIPCO had the option of buying the diamond if Elanus Holdings consented, a company connected to relatives of Sheikh Saud.

Elanus belongs to the Al Thani Foundation based in Liechtenstein, which is the ultimate owner. Sheikh Saud’s widow and his three children are beneficiaries of this foundation.

QIPCO's attorneys claim that the 2020 letter sent by Al Thani Foundation lawyer was an agreement to buy the diamond for $10 Million. Elanus, however, said the letter had been sent in error.

QIPCO requested that the High Court order Elanus sell it the gem, but Judge Simon Birt dismissed their case on Thursday.

QIPCO, as well as the lawyers who represent Elanus, did not respond immediately to a comment request.

Elanus' attorneys stated in court documents that an expert valued the diamond around $27,000,000.

Birt stated in his ruling, that the diamond "is said to have been found in a Golconda mine in Southern India. However, this history is neither complete nor certain". Birt said in his ruling that the diamond is "said to have been discovered in a mine at Golconda, Southern India, though this history is not complete or certain".

(source: Reuters)