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De Beers

This is a settlement for the Antitrust lawsuit.

From 1994 to 2005, De Beers was alleged to price-fix by illegally restrain trade, control and limit diamond inventories and falsely advertise the scarcity of diamonds in order to boost prices. On November 30, 2005, De Beers, the world's largest diamond company, agreed to settle the majority of civil class action suits filed against De Beers in the United States for $250 million. In addition, De Beers agreed to pay another $45-million to settle a lawsuit by US consumers, retailers and jewelry makers. De Beers, based in Johannesburg, is 45 percent owned by Anglo American Plc. (Jul-17-06) [MINING WEEKLY]

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Published on Jul-18-06


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