A member of Qatar’s ruling family has been denied the right to force the sale of the world’s largest cut blue diamond, known as the “Idol’s Eye,” after a High Court ruling in London. The court dismissed a claim brought by Qipco, a conglomerate led by Sheikh Hamad Abdullah al-Thani, against the current owner, Elanus Holdings Limited.
The Idol’s Eye, a 70-carat Indian gemstone, has a storied past, having previously belonged to a Sultan of the Ottoman Empire, among others. Sheikh Hamad’s company sought to purchase the diamond for at least $10 million under the terms of a 2014 contract. The agreement had allowed Qipco to loan the diamond for 20 years with the right to buy it, but only if Elanus chose to sell it.
However, the court found that Elanus did not have a “wish to sell” the diamond, and the Qatari royal family’s claim was ultimately unsuccessful. The judge ruled that even though Sheikh Hamad bin Saud al-Thani, the son of the late Sheikh Saud bin Mohammed al-Thani, had proposed a sale of the diamond to Qipco in 2020, there was no intent by the family to part with the gemstone. The court noted that the family’s stance was clear—they had no intention of selling, and such a decision could not be made unilaterally by one individual.
The diamond’s legal journey began after Qipco attempted to trigger the purchase clause by submitting multiple valuations of the gemstone. Despite the efforts, Judge Simon Birt KC ruled that the agreement was not applicable because the owners of Elanus had no intention of selling at that time. This ruling closed the door on Qipco’s attempt to acquire the diamond and reaffirmed the family’s control over the valuable gem.
The saga is also part of a larger familial dispute within the Qatari royal family. Sheikh Saud, who passed away in 2014, was known for his extravagant art acquisitions and his influence on the global art market. His death and the subsequent legal battles have cast a spotlight on the family’s vast collection of jewels and art. Sheikh Hamad, who is now a prominent figure in Qatar’s art scene, has built an impressive collection, further cementing his position as a key player in the world of luxury and fine arts.
