But for the past 140 years or so it has resided in Britain's Tower of London dazzling tourists and local citizens alike. Last month, the nearly 110-carat diamond became the object of dispute again as India made an unofficial claim for it, following a meeting of the education ministers of non-aligned countries in South Korea. The members said the restitution of cultural properties to the home countries should not be delayed, citing an existing UNESCO resolution to back their claim.
Originally a stupendous 793 carats, the diamond is believed to have been mined in Hyderabad. In 1793 it was taken during the sack of Delhi by the Afghan conqueror Nadir Shah from the then ruler, Mohammed Shah.
A British historian chronicles the story of how Mohammed Shah hid the diamond, but later unable to resist the temptation to show off, wore it on his turban. A canny Nadir Shah then shrewdly suggested that the two rulers exchange turbans. The Koh-i-noor thus moved to Afghanistan.
When Nadir Shah was murdered, his bodyguard Ahmed Khan took away the diamond along with other valuables - and according to historian Olaf Caroe, Ahmed Khan was able to found his kingdom in Afghanistan on this wealth. Fleeing from his Kingdom in 1838, Shah Shuja took refuge with Maharaja Ranjit Singh of Punjab.
British Possession: In the annexation treaty, Henry Eliot, secretary to the British Government of India, made a specific mention of the "gem called Koh-i-noor which was taken from Shah Sooja-ool--mulk by Maharajah Runjit Singh (and which) shall be surrendered by the Maharajah of Lahore to the Queen of England".
But subsequently, the British seemed a little careless about the fabled gem. The story goes that Sir Henry Lawrence, then Governor-General of India, casually put the diamond in his trouser pocket and then forgetfully sent his trousers to the dhobi.
Luckily for the British royal family a faithful servant returned it to his master. The diamond was then cut and polished and cut again, in the process getting whittled down to its present comparatively small size of 109.9 carats. It takes central position in Queen Mother's crown, and has never been worn by any reigning monarch.
The question of returning the diamond to the subcontinent is a sensitive subject for the British Government. In 1976, prime minister Bhutto of Pakistan sent a personal letter to the then British prime minister James Callaghan asking for the Koh-i-noor to be returned to Pakistan.
Callaghan wrote in reply that he could not recommend to the Queen that it should be handed over to Pakistan. But he promised that it would not be returned to any other country either.
Delicate Situation: The British Government is treading carefully at the moment because of the controversy with regard to the return of the Elgin Marble sculptures to Greece. Inspired by the Greek Minister for Culture, actress Melina Mercouri, the Greek Government in October formally requested the British to return the marble frieze.
There is much sympathy in Britain for the Greek Government's request, but museum officials and members of the Government are worried that giving in to the Greek request would lead to other countries demanding the return of their art objects.
The official Government view with regard to the Koh-i-noor is that the history of the diamond is confused. "How do we know that we are talking about the same diamond that was supposed to have been mined in Hyderabad?" asked an official of the Indian department at the Victoria and Albert museum, which among other Indian artefacts, displays Ranjit Singh's gold throne. "The Koh-i-noor is not an art object, it is a mineral," argued the same official, "how can any government ask for the return of a mineral?"
Unofficial Move: A spokesman for Lord Gowrie, the minister for the arts, said soothingly:"We have not received any formal request from the Government of India regarding the diamond, and besides it is a part of the Queen's property, so we are unable to comment."
When contacted earlier for information regarding art objects from India in the Queen's collection, officials of the Buckingham Palace Queen's Gallery said sharply: "Why should we tell you? You will only put in a claim for it."
Strangely, India has never in the past officially expressed interest in the return of the diamond or the many other such historical antiques and treasures which lie in British museums, although former chief minister of Maharashtra A.R. Antulay did make an aborted bid to bring back Chhatrapati Shivaji's Bhawani Sword.
However, if newspaper reports which followed the South Korean meeting are any indication. New Delhi might well have changed its policy on artefacts that adorn museums all over the world.