Diamond Antitrust Lawsuit

De Beers Diamond Company creates $295 million class action fund for anticompetitive gem prices.

Diamond Antitrust

Newark, NJ: (Jan-09-08) A series of class action lawsuits were brought against the De Beers Diamond Company, alleging that De Beers charged anticompetitive prices for rough diamonds it sold. They also claimed that De Beers monopolized the rough diamond market and disseminated false and misleading advertising. Sources close to the case stated that a settlement had been reached, resolving the lawsuits.

As part of the settlement reached, a $295 million fund has been created. It will allegedly be distributed to two groups, or classes, of purchasers: the Direct Purchaser Class and the Indirect Purchaser Class. The Direct Purchaser Class includes persons or businesses, other than Diamond Trading Company Sightholders, that purchased any gem diamond directly from De Beers, or one of its diamond mining competitors, between September 20, 1997 and March 31, 2006. The Indirect Purchaser Class includes persons or businesses that purchased gem diamonds, diamond jewelry, or other products containing diamonds from someone other than De Beers or one of its mining competitors between January 1, 1994 and March 31, 2006. [CENTRE DAILY: DIAMOND ANTITRUST]

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