Diamond Moguls Settle E.U. Antitrust Case

Law360, New York (February 23, 2006, 12:00 AM EST) -- Ending a long-running market monopoly case concerning the world’s top two diamond producers, the European Commission this week said that the companies must pledge to phase out South African De Beers SA’s purchase of rough diamonds from Russia’s ALROSA Company Limited by 2009 in order to increase market competition.

“For much of the 20th century, De Beers held an unrivaled position in the diamond market,” stated the Commission in a press release. “Its grip over alternative sources of supply will now be broken. This creates a...
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