Meet Mir Osman Ali Khan, the Nizam whose paperweight was a Jacob Diamond
If you ever think of the richest Indian in the world, the name that comes to your mind is obviously Mukesh Ambani. He has been the wealthiest Indian citizen for more than a decade now. With a net worth of $94.3 billion, he is currently the 12 richest men of the world, according to Forbes. But who is the richest Indian that the world has ever known. Want to know who he is? Turn the clock back to the mid-20th century India when the last Nizam, Mir Osman Ali Khan Siddiqi was ruling the princely state of Hyderabad. In February 1937, he appeared cover of Time Magazine, which labelled as the richest man in the world. His net worth was estimated at over Rs. 17.47 lakh crore ($230 billion) after adjusting for inflation. This is almost close to the net worth of Elon Musk, the world’s richest man, which is pegged at $286 billion. Here are some facts about the affluent ruler, that will surprise you for sure!
He used the Jacob Diamond as a paperweight
Yes, you read that right. 185-carat Jacob Diamond worth $200 million (₹1340 crores) rested royally on the Nizam’s table as a mere paperweight! It is believed that he found the Jacob Diamond, also known as the Victoria Diamond, in the old socks of his father, Maḥbūb ʿAlī Pasha Khan! This gem stone was the size of an Ostrich egg
There is an interesting tale of how this priceless gem ended up in Mahboob Ali’s socks.
Jacob, a Jewish merchant of jewels and antiques, met him in 1891 to sell a replica of the Victoria Diamond. They both finalised the deal for rupees 46 lakhs, with the Nizam paying an advance of 23 lakhs. The remaining amount would be paid after the delivery of the diamond. However, when he received the Jacob Diamond on July 21, 1891, the Nizam realised it was much smaller than the image he had been shown. Obviously, Mahboob Ali was disappointed and refused to pay the pending amount. In addition, he demanded the advance payment back. Jacob denied and ended up filing a case in the Calcutta High Court. Subsequently, the Nizam was called in for an interrogation, which he thought was humiliating for his dignity. Therefore, after returning from commission inquiry in 1891, he wrapped the diamond in a piece of cloth and pushed it in his shoes, vowing not to see it ever!
He owned the Golconda diamond mines
Established in the early 16th century, Golconda, near Hyderabad, was a trading centre of the finest and largest diamonds in the world till the end of the 19th century. Before the diamond mines in Brazil and South Africa were discovered (early 18th century), India was the world’s sole supplier of diamonds, with most of them being mined in the small region of Golconda (the modern-day states of Andhra Pradesh and Telangana). Born with a fortune, Osman Ali Khan owned all Golconda diamonds. Known as the ‘diamond guy,’ he owned several precious diamonds, such as Darya-e Nur, Nur-Ul-Ain Diamond, Koh-i-Noor, Hope Diamond, Princie Diamond, Regent Diamond and Wittelsbach Diamond.
The retirement of Mir Osman Ali Khan was truly royal
When the British left India in 1947, an organisation named Majlis Ittehad al-Muslimin supported Osman Ali to ensure Muslim unity. In addition, the organisation’s private army called Raẕākārs refused to submit to sovereign India. Therefore, Osman Ali presented his state’s case for complete independence before the United Nations, using a special alliance with the British. Despite rejecting an Indian ultimatum to cede power, he eventually had to yield to Indian troops in September 1948. Osman Ali was the state’s president (Rajpramukh) till 1956 but had to accept advice from the elected assembly. He then enjoyed an opulent retirement with three wives, 200 children, 300 servants, and a private army. He helped several Muslim refugees from Palestine and gave pensions for some 10,000 princelings and serfs under his old empire.