Law360 (February 1, 2007, 12:00 AM EST) -- After years of alleging monopoly abuse, European Union antitrust regulators have decided to abandon their long-running investigation into leading diamond distributor De Beers now that the South African company has implemented one of the Commission’s earlier requests.
On Wednesday, the European Commission revealed that it had closed its six-year probe into the company’s allegedly anti-competitive practices in the wake of De Beers making its supplier of choice (SOC) agreements more transparent.
"The combination of more diamonds coming onto the open market from alternative sources of supply, together with the improvements to the way De Beers' Supplier of Choice scheme works, means...
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