Next Owner of the Idol’s Eye Diamond: Will It Be Elanus?

The ownership of the rare 17th century Idol’s Eye diamond is currently being disputed in the UK High Court between members of the Qatari royal family. The 70 carat blue diamond is potentially worth up to £21 million, which could be profitable for Sheikh Hamad bin Abdullah al-Thani, who believes he has the right to purchase the diamond at a knock-down price of just £10 million, even though experts believe the gem is worth more than double that valuation.

History of the Diamond

The Idol’s Eye diamond has a long and storied history. It was mined in the Golconda region of India in 1600 and was originally owned by the Persian Prince Rahab. In the 19th century, it was auctioned by Christie’s in London and went through several wealthy owners over the years including Harry Winston and Laurence Graff.

Former Owner: Sheikh Saoud

The most recent owner was the late Sheikh Saoud bin Mohammed bin Ali Al-Thani, an influential Qatari royal who purchased the diamond in the early 2000s for around £7 million. The Sheikh displayed the diamond in his London home until 2014 when he passed away.

Current Owners: Elanus Holdings

The diamond is currently owned by Elanus Holdings, a company owned by a foundation that manages the estate of Sheikh Saoud’s widow and three children. Sheikh Saoud registered the diamond under Elanus’s name before his death for inheritance planning purposes.

Will Elanus Holdings, the current owner of the Idol’s Eye Diamond, remain the owner once the court case ends? 22bet21.com gives odds of 1.333/1 or 75% that it will!

The Legal Dispute

The Sheikh’s cousin, Sheikh Hamad bin Abdullah Al Thani, claims he has the right to purchase the diamond for $10 million through his investment firm Qipco. In 2014, Sheikh Saoud had loaned the diamond to Qipco for exhibitions and the loan agreement contained a purchase option should Elanus wish to sell.

Qipco claims Elanus offered to sell the diamond in February 2020 but later withdrew the offer, which Qipco argues violates the loan terms. Elanus disputes that a firm offer was made, claiming the “offer” was a mistake made by a single family member without proper consultation with the family or company.

Valuation Dispute

Another issue is the significant disagreement over the diamond’s value. Qipco points to Christie’s valuations of $7-10 million to justify the $10 million price tag. However, Elanus claims the gem could be worth up to £21 million, much higher than Qipco’s valuation.

Uncertain Future

It remains to be seen whether the court will rule that a valid offer to purchase was made by Elanus. If not, Elanus will retain ownership of this most precious diamond with its incredible history. The ruling will have significant implications for how agreements involving high value assets are interpreted and enforced. Both sides have compelling arguments over the technicalities of the apparent offer and subsequent withdrawal.

Ultimately, the court will have to weigh the evidence carefully to determine if a binding sale agreement was established.