This Indian man used a diamond worth crores as paperweight, his name was..., where is that diamond now?

India.com

a day ago

New Delhi: Among all the Nizams who ruled Hyderabad, the sixth Nizam Mir Mehboob Ali Khan was the most cheerful and fun-loving king. He was very fond of western things, be it clothes, cars, manners or habits. Born in 1866, Mehboob Ali ascended the throne at the age of three after the death of his father Afzal-ud-Daula and ruled till 1911. Mehboob Ali held an extremely grand court in Hyderabad, which many native rulers of India tried to imitate. He was also once the richest man in the world. What is the Jacob diamond?
He was fond of expensive jewellery and precious diamonds. His valuable collection included many magnificent jewellery including the famous necklace of Marie Antoinette of France. However, the most famous in his collection was the Jacob diamond which is said to be the fifth largest diamond in the world.
The size of Jacob is twice that of the famous Kohinoor. But what makes this diamond even more interesting is how it was found. It was found in a shoe. The person after whom it was named was a very mysterious Mr. Jacob. How did all this happen? Let's find out. What is the story of the Jacob diamond?
According to Peopletree, the story of the Jacob diamond revolves around three very interesting characters. The sixth Nizam of Hyderabad Mehboob Ali Khan, his Armenian servant Albert Abid and a mysterious jeweler named Alexander Malcolm Jacob.
Mir Mehboob Ali Khan ascended the throne of the richest and most powerful state in 1869. Being a kind and compassionate person, he was known as the 'beloved' king of Hyderabad. Stories are prevalent about him that he used to roam around the city in disguise and help those in need. It is said that he was so generous that no person who came to him for help returned empty-handed. He was also very fond of collecting diamonds. Who was Albert Abid?
Albert Abid was an Armenian man and Mehboob Ali Khan's right hand. As the Nizam's servant, Abid's duties included looking after the Nizam's clothes, shoes, watches, jewellery and other belongings. It is said that 12 servants prepared the Nizam's clothes and Abid supervised them. But Abid also took advantage of his position. Who was Alexander Malcolm Jacob?
Alexander Malcolm Jacob was a gem and antiques dealer. Through Abid, he was in regular contact with Mehboob Ali Khan. In 1891, Jacob was preparing to make the biggest deal of his life. He had planned to buy the 184.75 carat 'Imperial' diamond recently found from South Africa from a London consortium for Rs 21 lakh and sell it to the Nizam for Rs 50 lakh.
With the help of Abid, Jacob met the Nizam. The Nizam told him that he would buy the diamond which was in London at that time. The condition was that the Nizam would be free to decide whether he liked the gem or not. That is, he could still say 'like' or 'dislike'. The Nizam then transferred a bank deposit of Rs 23 lakh to Jacob so that the diamond could be brought to India. Why was a case filed against Jacob?
In July 1891, Jacob met the Nizam in his palace. The clever Jacob presented the diamond to him on a silver tray covered with red velvet. Mehboob Ali Khan took the diamond in his hands, looked at it a few times and said just two words, 'Do not like it'. Jacob was stunned. The biggest deal of his life had fallen through. A few days later, Jacob sent a telegram to his bank asking them to send the money to London after the Nizam agreed to buy the diamond. Later he claimed that the Nizam had told him through Abid that the 'disappearance' was a mere formality to fool the British. He actually wanted to buy the diamond. However, it appears that the Nizam changed his mind and asked for his deposit back. Jacob refused, saying the deal was done. This led to a long trial for that money.
Jacob hired some of the best lawyers of British India and gave the Nizam a tough fight. The trial was long and expensive and created a sensation across India and even the international media. Eventually Jacob was acquitted of fraud charges by the court, but he did not receive the balance amount. How this diamond became a paperweight?
After this trial, Mehboob Ali Khan did not want to have anything to do with the jinxed Jacob diamond. So he wrapped it in a dirty cloth, put it in an old shoe and kept it at the back of a drawer. Mehboob Ali Khan died in 1911. His son and successor, the last Nizam of Hyderabad, Mir Osman Ali Khan, is said to have found the diamond in his father's shoe and used it as a paperweight.
Irrespective of its size and price, the Jacob diamond had caused so much embarrassment to his father that the new Nizam also did not want to have anything to do with it. Eventually, decades later, the Jacob diamond was transferred to a trust and in 1995, the Indian government acquired it. It is kept safe in the vaults of the Reserve Bank of India (RBI) in Mumbai. The Government of India bought the Jacob diamond from the Nizam's trust by paying more than Rs 13 crore.