A huge 70-carat ‘Idol’s eye’ diamond which costs $10 million has become the issue of contention in the royal family of Qatar. The lawsuit was filed by a conglomerate named Qipco which is run by Qatar's art collector Sheikh Hamad bin Abdullah al-Thani.
A massive 70-carat ‘Idol’s eye’ diamond worth $10 million has become a source of controversy in Qatar’s royal family. The Qatari royal family members are fighting in London’s High Court over the sale of the treasured diamond.
The ‘Idol’s eye’ diamond, once owned by the Sultan of the Ottoman Empire, has become the subject of a court fight within the Qatar royal family. The case was initiated by Qipco, a corporation headed by Qatar’s art collector Sheikh Hamad bin Abdullah al-Thani.
Qatar Royal Family
Elanus Holdings Limited is situated in Guernsey and is held by the heirs of late Sheikh Saud bin Mohammed al-Thani. They were instrumental in the purchase of Qatar’s enormous national art collection.
According to the Financial Times, Qipco filed a lawsuit compelling Elanus to sell the diamond for $10 million per the terms of a 2014 contract inked between the two businesses, as Elanus was intended to pass over “Idol’s Eye” to Qipco in the form of a 20-year loan.
According to the agreement, Qipco has the right to acquire the diamond if Elanus is prepared to sell it for $10 million or the average of the two valuations offered by the main auction houses, whichever is greater.
As per the complaint, Qipco was advised in 2020 by Al-Thani Foundation’s Swiss-based counsel Dr Dieter Neupert that the family was prepared to sell the “Idol’s Eye”. However, Qipco received another email stating that the royal family no longer desired to sell it.
Sheikh Tamim bin Hamad Al Thani (Arabic: ; born 3 June 1980, Doha, Qatar) is the Emir of Qatar, succeeding his father, Sheikh Hamad, who abdicated in his favour.
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