PARIS — A European Union court has upheld the decision by EU antitrust regulators that restricted De Beers from buying rough diamonds from Alrosa Co. Ltd., a Russian diamond producer.
This story first appeared in the September 18, 2009 issue of WWD. Subscribe Today.
In 2007, a ruling was brought to the European Court of Justice by EU antitrust regulators to stop the stockpiling of diamonds by De Beers in cooperation with Alrosa.
“De Beers, in fact, ceased buying diamonds from Alrosa at the end of 2008 in line with commitments to the European Commission in 2006,” Lynette Gould, media relations manager at De Beers, said Thursday.
Alrosa produces about one-quarter of the world’s rough diamonds, while De Beers controls about 40 percent of the world’s rough diamond supplies.