Sourcing the Planet, Delivering the World...
中文 / English   

Diamond Mineworkers’ Lawsuit’ Impact On The Economy Of Country

2003: Diamond Mineworkers And The Threat Of Calls Of Lawsuit

June 2003

Lawyers representing mine workers who are suing De Beers and Anglo-American for their conduct under apartheid have rejected calls to settle the case.

The calls were made by asset fund managers, who are worried about the suit’s impact on the country‘s economy and foreign investment. In addition to the mining companies, there are similar lawsuits against other South African companies and banks.

The threat of even more lawsuits has already hurt values on the Johannesburg stock exchange. But mineworker lawyer John Ngcebetsha told the asset managers in a meeting that he "would be happy to take a reasonable figure, but it would only be as a last resort." The lawsuit seeks damages of up to $6.1 billion on behalf of the mineworkers.

De Beers managing director Gary Ralfe said "during the long apartheid years, my company was a force for good. It did not exploit or profit from apartheid."

Ngcebetsha’s American associate, Ed Fagan, first gained fame for suing the Swiss banks to get money for Holocaust victims.


For over twenty years we produced
The Diamond Registry Bulletin.
In this section you will find very useful articles and tools on how to purchase a diamond.

2011 2010 2009
2008 2007 2006
2005 2004 2003
2002 2001 2000
GIA Jewelers Board JBT Website