Jacob’s diamond is one of the largest in the world and was purchased by Mahbub Ali Khan, the Nizam of Hyderabad in 1884, through a merchant named Alexander Malcolm Jacob.
Named after Jacob, the 185-carat diamond have had an interesting history behind it. Kohinoor was considered a diamond without a competitor, however, then came Jacob’s owned by Hyderabad Nizams.
The Indian government in 1900s along with other jewels bought the diamond of royal family. The precious stone, which is reportedly worth more than Rs 400 crore is currently locked in the RBI vault in Mumbai, quotes The Economic Times.
John Zubrzycki, the author of a book on this subject shares the diamond had once been stored in a shoe and was wrapped in a newspaper as a paperweight.
About the price:
“In July 1881, Jacob rode in a gilded carriage down the streets of Hyderabad. He carried the world’s costliest diamond with him, wrapped in a white silk handkerchief, concealed in a secret pocket,” Zubrzycki said.
Jacob had asked for Rs 12 million (Rs 1.2 crore) but the Nizam negotiated the price down to Rs 4.6 million (Rs 46 lakh). Through his agents in London, he further bargained the price to Rs 2.1 million (Rs 21 lakh).
The diamond was rejected by Nizam:
The Nizam was showed a drawing of the diamond initially. If he had liked it, he would say pasand (approved) if not, napasand (rejected).
Nizam rejected the diamond first, apparently, in a bid to reduce its price.
Even a close friend of the Nizam, Albert Abid Evans, stood to make a commission of Rs 5 lakh earlier, which was also brought down to Rs 2.5 lakh.