The Nizam jewels, probably the most valuable collection of jewellery the world has ever seen, will go on auction on Thursday (20 September) in New Delhi.
The Nizam jewels, probably the most valuable collection of jewellery the world has ever seen, will go on auction on Thursday (20 September) in New Delhi. But os great is the value of the jewels, and so stringent the conditions for their sale, that so far only two prospective buyers are interested.
SYNOPSIS: The jewels are being auctioned under the auspices of the Indian Supreme Court to raise the money needed the several hundred dependants and heirs of the Nizam of Hyerabad--the man reputed, in his lifetime to have been the richest in the world. The jewels were supposed to have been sold in auction in March of 1978, however that sale was stopped when some of the beneficiaries went to court, alleging that the treasure was being sold off too cheaply.
The Nizam died in India twelve years ago.
At the height of his career he was reported to receive an income in the millions of dollars. And one of the ways he invested his money was in jewellery. The opening bid for the jewels is expected to be somewhere in the neighbourhood of twenty-six million dollars (U.S.). So far only two bidders have been attracted. They are the Greek shipping tycoon, Stavros Niarchos, and a banker, Abdul Wahab Gal Alhari of Dubai who is said to be acting on the behalf of one of the oil sheiks in the United Arab Emirates. No-one will be allowed to see the jewellery, except the prospective buyers. There has been an outcry by the Indian public. Some critics feel the Nizam jewels should remain in the country as part of the Indian heritage.