Search the Internet          Tips  Sites: Finance, Investment

Nizam's jewels worth Rs 100 bn still lie uninsured

Basharat Peer in New Delhi

The worth of the legendary collection of jewels of Mir Osman Ali Khan, the Nizam of Hyderabad -- which were valued by the international auctioneer Sotheby's at $162 million in 1991 -- has been put at Rs 100 billion, according to an ‘unofficial guess' by Union Tourism Minister Ananth Kumar.

Interestingly, the fortune has not yet been insured by the government. The authorities say that there is no security risk to the jewels and as such it is not imperative to insure them.

The unrivalled treasure will be on display when Prime Minister Atal Bihari Vajpayee opens an exhibition at the National Museum in New Delhi on August 29.

"We do not feel the need to insure them. We are sure that they are safe as they are going to be under government custody for ever", the tourism minister said.

The minister further said that the government is leaving no stones unturned to have the best security arrangements for the jewels, and numerous personnel from the Central Industrial Security Force have already been deployed at the exhibition site.

"The exhibition would be held under foolproof security arrangements, including electronic gadgets and body checks. Not more than 50 people would be allowed inside the National Museum at one time," Kumar assured.

The collection of 173 jewels includes the 184.75 carat uncut Jacob, the third largest diamond of the world. A seven-strand pearl necklace strung with 150 large and 230 small pearls, an Alexendrite ring gifted by Mughal emperor Aurangzeb to one of the Nizams in 1700 apart from other exemplary jewel studded arm bands, head ornaments and belt buckles.

Once the exhibition in Delhi winds up on September 25, it would be moved to Ali Salar Jung Museum in Hyderabad, after which the jewels would most likely be put in a RBI locker, where they have been since the government got hold of them in January 1995 after a legal battle of 17 years.

Tourism secretary Komal Anand told rediff.com," after the exhibitions are over we would keep them back in the RBI lockers," the minister, however, did not commit on it saying that he would look into the matter.

The government paid a compensation of $47 million to the His Exalted Highness Trust formed by Nizam Mir Osman Ali Khan.

While the people of India will get to feast their eyes on the Nizam's jewels it is highly unlikely that the very same would happen as far as the Kohinoor is concerned.

As the minister admitted acquisition of Kohinoor would depend on the willingness of the British government to part with it.

"It is a bilateral thing. We have requested the British time and again but they have not taken up our request. If only they do something about it, can things move".

The exhibition of the Nizam's jewels would cost the government Rs 25 million.

Money
Business News

Tell us what you think of this report