Tag Archives: De Beers

Diamonds are forever

29 Jun

Mrs Erasmus's best friend

Johnny’s first foray to the European Court of Justice today where a significant judgement has just been made.

The tale involves two rather rich diamond mining companies, Alrosa and De Beers. You know, De Beers, which was founded by Cecil Rhodes during his spare time after getting a country named after him.

In 2006 the European Commission was a bit concerned that De Beers, the biggest diamond company in the world was, rather than just being satisfied with its own stash, buying some from the second biggest diamond company in the world, Alrosa.

The EU thought this was all a bit too cosy and uncompetitive. In other words, it meant De Beers could control the whole diamonds industry.

The EU doesn’t like that kind of thing.

Today the court said the Commission was correct in demanding De Beers stop buying diamonds from its biggest “rival”, overturning a previous decision.

We can all sleep easier knowing that one is sorted.

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