Tuesday, 15 January 2008
De Beers in Price Fixing Settlement
According to iafrica.com , South African headquartered world diamond giant De Beers is to pay $295m in a class action settlement after it was accused of unlawfully monopolising the supply of diamonds, conspiring to fix diamond prices and issuing false and misleading advertising in the United States. De Beers, who coined the slogan "Diamonds are Forever" and own 70% of the diamond mines in Africa according to Wikipedia , have denied any wrongdoing in setting up a fund to pay the settlement. The class action lawsuits were brought against De Beers by Consumers, Resellers and Direct Purchasers in the United States (whose particulars are described in more detail by the Diamond Class Action Settlement website) .