The court case began in November with art collector Sheikh Hamad bin Abdullah Al-Thani claiming he had the legal right to purchase a fancy colour diamond known as the Idol’s Eye.
The Idol’s Eye is a 70.21-carat Golconda diamond with a blue tinge. It is shaped like an Old Mine cut, but it has nine main facets instead of eight.
The diamond was unearthed in India more than 400 years ago and, according to legend, was kept as the eye of a secret idol in the Temple of Benghazi.
The diamond is owned by a foundation established by the late Sheikh Saud bin Mohammed Ali Al-Thani, who purchased the stone for £7 million ($AUD13.92 million) in 2004.
Sheikh Hamad bin Abdullah Al Thani claimed he had a legal right to purchase the diamond through an investment company, Qipco, because the Al-Thani family offered it for sale in 2020.
The company that legally owns the Idol’s Eye, Elanus, which is itself owned by the family foundation, disputed the case on the grounds that no firm ‘wish’ to sell the item had ever been established.
Matters were further complicated by a loan of the diamond from Elanus to Qipco in 2014 for an exhibition. Part of the agreement stipulated that Qipco could purchase the diamond if Elanus established a desire for sale.
As reported by The Daily Mail, Judge Simon Birt rejected Qipco’s claim to be entitled to purchase the diamond and said that a desire to explore the possibility of a sale did not constitute an express wish for it to be sold.
He also said it was clear that other family members did not wish to proceed with a sale.
“Although Sheikh Hamad bin Saoud Al-Thani was keen to explore how a sale could be effected and what price could be achieved, he had not reached a final decision definitely to sell, and he did not have a settled intention to carry a sale into effect,” Birt said.
“Whatever the intention or wish of Sheikh Hamad bin Saoud Al-Thani in the period February to April 2020, it is very clear that none of the other members of his family shared any wish to sell the diamond.”
The value of the diamond was discussed during the case, with one expert suggesting £21 million ($AUD41.77 million).
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