De Beers will go to court in the United States on July 13 to clear up its anti-trust case, reports said.
The anti-trust case involves industrial, not gem diamonds. Ten years ago, De Beers and General Electric faced criminal charges for allegedly conspiring to fix prices. The case against General Electric was dropped but De Beers will appear on court to settle it on the 13th. Reports from when the case was originally supposed to be settled, in February, said De Beers will likely plead guilty so the case will go away.
De Beers executives will now be able to travel freely in the United States — its most important market — but it’s still not certain whether the company can open an office here, or participate in the October Diamond Congress in New York.
De Beers Says First Quarter Retail Sales are Strong
First quarter retail sales are strong, which is a sign of an upbeat mood for the year ahead, the Diamond Trading Company recently said in a release. The strongest players were the U.S., Japan, other Asian markets, the U.K. and France. “Consumer confidence remains strong in both the United States and Japan,” said Stephen Lussier, DTC marketing director.