The case saw Sheikh Hamad, an art collector and chief executive of QIPCO, challenge the heirs of the late Sheikh Saud bin Mohammed Al Thani, a former Qatari culture minister and renowned collector, over ownership of the 70-carat gem.
Sheikh Saud, who served as Qatar’s culture minister from 1997 to 2005, acquired the diamond in the early 2000s. Before his death in 2014, he lent it to QIPCO under an agreement that granted the company an option to purchase the jewel—provided approval was given by Elanus Holdings, a company linked to Sheikh Saud’s family.
Elanus, controlled by the Liechtenstein-based Al Thani Foundation, represents Sheikh Saud’s widow and children. The dispute centered on a 2020 letter from the foundation’s lawyer, which QIPCO argued confirmed an agreement to sell the diamond for $10 million. However, Elanus insisted the letter had been sent in error and maintained that no binding deal was in place.
QIPCO sought a court order to enforce the sale, but Judge Simon Birt dismissed the claim, siding with Elanus. The ruling brings an end to the legal battle, with neither QIPCO nor Elanus immediately commenting on the decision.
The diamond’s value was also a point of contention, with an expert cited in court estimating it to be worth approximately $27 million—significantly higher than the disputed sale price.
Believed to have originated from the famed Golconda mines of India, the Idol’s Eye has a rich and mysterious history, with claims that it once belonged to Sultan Abdulhamid II, one of the last Ottoman rulers. However, as Judge Birt noted, its provenance remains incomplete and uncertain.
