Qatari ruling family member loses London court case over Idol’s Eye diamond

A cousin of Qatar’s ruler has lost a court battle with another branch of the nation’s royal family over a 17th century diamond.

The dispute concerning the 70-carat Idol's Eye diamond was between art collector Sheikh Hamad bin Abdullah Al Thani and relatives of late culture minister Sheikh Saud bin Mohammed Al Thani.

Sheikh Saud, who was minister of culture between 1997 and 2005, was one of the world's most prolific art collectors and bought the Idol's Eye in the early 2000s.

Shortly before his death in 2014, Sheikh Saud lent the diamond to QIPCO, a Qatari private investment company whose chief executive is Sheikh Hamad.

The agreement gave QIPCO the option to buy the diamond with the consent of Elanus Holdings, a company linked to Sheikh Saud's relatives. Elanus is ultimately owned by the Liechtenstein-based Al Thani Foundation, whose beneficiaries are Sheikh Saud's widow and three children.

A complex legal battle began when QIPCO said a 2020 letter sent by the Al Thani Foundation's lawyer amounted to an agreement to sell the diamond for $10 million. Elanus insisted the letter was sent by mistake.

QIPCO asked the High Court in London to order Elanus to sell it the gem but Judge Simon Birt dismissed its case on Thursday.

In his ruling, the judge set out the history of the diamond, which he said was thought to have been discovered in a mine at Golconda in southern India, though he admitted that “is not complete or certain”.

It is also said to have been owned at one point by the 34th Ottoman sultan, Abdul Hamid II.

It was acquired by New York gem dealer Harry Winston in 1946, at which time it was probably set in its current setting, a platinum diamond necklace and pendant, itself containing 152 diamonds with a combined estimated total weight of 47.30 carats.

The two sides had disagreed over how much the gem is worth, with Elanus lawyers saying in court filings that an expert had valued the diamond at around $27 million.

Sheikh Hamad is a leading figure in British horse racing and has had senior members of the Royal Family, including King Charles III and the late queen, Elizabeth II, as guests at his home.

He also launched a legal claim against a fine arts company after paying $5.2 million for two ancient statues that he later claimed to be worthless modern fakes.

Sheikh Hamad bought a marble bust for $3m from a Swiss dealer. The bust was said to be Alexander the Great portrayed as Heracles, the son of Zeus, king of the Greek gods.

The 30cm-high bust was described as being more than 2,000 years old. But four years after buying the statue, the Qataris concluded that it was a modern piece and “more or less worthless”, according to London’s High Court.