Bitter tug-of-war rages over who owns lavish £21m diamond known as Idol’s Eye

Multi-billionaires the Al-Thanis are astatine warfare implicit the 70.21 carat blue-tinged jewel, erstwhile reportedly the oculus of a temple idol successful Benghazi, Libya.

It was kept successful the London location of precocious Qatari civilization curate Sheikh Saoud bin Mohammed Ali Al-Thani and is presently held by a steadfast owned by a foundation, wherever his widow Amna and children are beneficiaries.

But super-rich relative London-based creation collector Sheikh Hamad bin Abdullah Al-Thani is successful a High Court tug-of-war implicit ownership of the gem.

Sheikh Abdullah, whose £320million Mayfair mansion Dudley House is said to beryllium the UK’s dearest backstage home, claims that via concern steadfast Qipco helium has the close to bargain the Eye for £7.8million aft the household enactment it connected merchantability during the pandemic successful 2020.

Elanus, the steadfast that owns the gem, claims the merchantability connection was a “mistake”.

Lawyers accidental it was conscionable an look of involvement to merchantability by 1 idiosyncratic – the precocious sheikh’s lad Sheikh Hamad bin Saoud Al-Thani, who had not consulted his parent oregon sisters, and directors had not considered a sale.

They assertion it is worthy acold much than the reported terms tag – astir £21million. It was recovered successful confederate India successful 1600, bought by the precocious Sheikh Saoud for £7million successful 2004 and held by Elanus. Its barrister Sa’ad Hossain KC said: “He kept it successful his idiosyncratic safe. It was 1 of the astir important pieces successful his collection.”

The gem was loaned to Qipco successful 2014 for lavish exhibitions, with the woody letting the steadfast bargain it if Elanus made wide a “wish” to sell. The terms would beryllium based connected the higher of autarkic valuations oregon £7.8million.

Sheikh Saoud died successful 2014 and Qipco lawyers accidental the merchantability process was triggered successful February 2020 with a missive from Elanus’ Swiss solicitor that stated: “I conscionable learned from Sheikh Hamad, the lad of the precocious Sheikh Saoud Al Thani, that the household would similar to merchantability the Idol’s Eye.”

Qipco says the household went backmost connected the connection which they were not entitled to bash nether the woody and it is suing to bargain the jewel for the £7.8million.

Mr Hossain said the missive was sent aft Sheikh Hamad was looking to money spot deals. He told Judge Simon Birt KC: “Although the February 6 missive said that the household wished to merchantability the Idol’s Eye, they did not. Indeed, they had not adjacent discussed oregon considered it. As for Elanus and its eventual beneficial owner, the foundation, they had not adjacent been consulted fto unsocial formed immoderate ‘wish’.

“Even Sheikh Hamad bin Saoud...had lone sought to research the anticipation of a merchantability astatine the close price. When the remainder of the household learned of the letter, they were understandably shocked, and corrected the position.

“It is Qipco’s level refusal to judge that withdrawal, and alternatively to importune connected completing the acquisition without Elanus’s consent, that has besides led to this dispute.” He said the missive which had triggered Qipco’s assertion of a close to bargain the gemstone was “fundamentally incorrect” due to the fact that the household arsenic a full had not been consulted.

Mr Hossain said the Eye is owned by Elanus and not the Al-Thanis. But Qipco’s lawyer Robin Stewart KC said the missive constituted a “wish to sell” oregon for Qipco to instrumentality the diamond nether the indebtedness agreement.

He said Elanus’ assertion to beryllium chiseled from the Al-Thani household was “crumbling,” arsenic the company’s defence had been “determined by the family,” which is backing its lawsuit and whose interests are being pursued.

Mr Stewart went connected to assertion to the justice that the Swiss lawyer had “clear” authorization to nonstop the missive arsenic the typical of Elanus.

The proceeding continues.