European Court nulifies Commission's decision

For De Beers, which influences 50 percent of the world’s diamond market, the recent decision by the Court of First Instance, was encouraging as it nullified allegations placed on it by the European Commission

The Commission pointed out that De Beers practiced monopoly in purchase of rough diamonds from Alrosa, Russia - reputed as the world’s second largest diamond producer. The Commission had caused De Beers to take a stand of ending all commercial associations with Alrosa from 2009, with view to encouraging competition in supply of rough diamonds. The court clearly stated that this decision was not justified and would look into the matter further.