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Affected Diamond Sales May Take U-Turn In 2002

2002: Affected Diamond Sales Disturbed Diamond Industry

Jan. 2002

It Was The Year In Which … Terrorists inflicted great harm on America … But the world united to fight back against them.

It Was The Year In Which … Wars related to "conflict diamonds" continued in Africa … But a solution to the problem was finally worked out that was acceptable to the United Nations, the Congress, the diamond industry and non-governmental organizations.

It Was The Year In Which … De Beers again renounced the role of market "custodian" … But had no choice towards the end of the year and restricted sales.

It Was The Year In Which … Sightholders introduced new diamond brands with great fanfare… But consumers still seemed largely uninterested

It Was The Year In Which … "60 Minutes" and "Dateline" broadcast reports critical of the industry … But these programs didn’t appear to hurt sales.

It Was The Year In Which … De Beers began working with anti-trust authorities, and the European Commission okayed its retail venture … But they did not give a green-light to its "Supplier of Choice" strategy, and De Beers still has not settled its problems with the U.S. Justice Department.

It Was The Year In Which … Despite all the sadness in their hearts, or perhaps because of it, people bought more than the economists predicted … But we are still in a recession, and we wish for better times in 2002.

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