fictionfan
Please sir, may I have some Meows?
- Location
- Tempe, AZ
This is years ago. Although the European Commission happened in February 2006.Not as much any longer.
De Beers lost its grip on the diamond market years ago.
In 2014, the Leverhulme Centre for the Study of Value, based at the University of Manchester, published a report authored by Sarah Bracking and Khadija Sharife, identifying over US$3.3 billion in price fixing within the South African rough diamond trade from 2004 to 2012, leading to an estimated deficit in tax paid of ZAR 1 billion per year. The report found significant evidence of profit shifting through volume and value manipulation.[109] Sharife simultaneously published an article[110] disclosing the political system that cultivated revenue leakage, including the donation of De Beers staff to the State Diamond Trader (SDT). The report, like the article, utilised aggregated data produced by the Kimberley Process (KP) certificates of import-exports, relying on figures listed by the diamond companies themselves, in which De Beers was the dominant player. The South African Department of Mineral Resources (DMR) disclosed that De Beers did not authorise them to publish figures involving values, sales, pricing and other data, preventing transparency of the industry.
So if that report is correct De Beers was still going strong until 2012.
Also
Industrial diamonds[edit]
In 2004, De Beers pled guilty and paid a US$10 million fine to the United States Department of Justice to settle a 1994 charge that De Beers had colluded with General Electric to fix the price of industrial diamonds.[104][105] In 2008, De Beers agreed to pay US$295 million class-action settlement after accusations of price fixing.[106] The company appealed the decision but ended up paying the settlement in 2013.[107]So in 2006 De Beers is at least still battling things out. However trying to do that sort of action on American soil would likely hurt them much more then it would help them.
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