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De Beers to Plead Guilty in the U
after nearly 60 years, a court official said Monday.
The return of the South African company is likely to spark a battle in the luxury goods market when De Beers opens a store on Manhattan's Fifth Avenue this year to rival Tiffany Co., Cartier and Van Cleef Arpels,replica cartier diamond bracelet, the latter two owned by Swiss luxury goods group Richemont. District Judge George Smith.
It will pay a fine of as much as $10 million related to the 1994 grand jury indictment, he said.
The company declined to comment.
De Beers,replica cartier bracelet, 45% owned by mining conglomerate Anglo American, was formed in 1888 by Cecil Rhodes,replica classic cartier bracelet, the legendary British colonial entrepreneur and Boer War figure.
Mayton said De Beers would plead guilty to violating Section 1 of the Sherman Act, which prohibits restraints on trade and fixing prices.
"The indictment alleges that in late 1991, early 1992, De Beers and GE entered into a conspiracy to fix prices of industrial diamonds," the law clerk said. "This case deals with industrial diamonds only."
The charges against General Electric Co. were dropped,replica diamond cartier bracelet.
Analysts said the ruling was not likely to have much immediate effect on sales. De Beers said last month that the global diamond market grew strongly in the first quarter.
after nearly 60 years, a court official said Monday.
The return of the South African company is likely to spark a battle in the luxury goods market when De Beers opens a store on Manhattan's Fifth Avenue this year to rival Tiffany Co., Cartier and Van Cleef Arpels,replica cartier diamond bracelet, the latter two owned by Swiss luxury goods group Richemont. District Judge George Smith.
It will pay a fine of as much as $10 million related to the 1994 grand jury indictment, he said.
The company declined to comment.
De Beers,replica cartier bracelet, 45% owned by mining conglomerate Anglo American, was formed in 1888 by Cecil Rhodes,replica classic cartier bracelet, the legendary British colonial entrepreneur and Boer War figure.
Mayton said De Beers would plead guilty to violating Section 1 of the Sherman Act, which prohibits restraints on trade and fixing prices.
"The indictment alleges that in late 1991, early 1992, De Beers and GE entered into a conspiracy to fix prices of industrial diamonds," the law clerk said. "This case deals with industrial diamonds only."
The charges against General Electric Co. were dropped,replica diamond cartier bracelet.
Analysts said the ruling was not likely to have much immediate effect on sales. De Beers said last month that the global diamond market grew strongly in the first quarter.
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