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De Beers faces EU complaint from Belgian diamond body

De Beers, the world’s largest diamond company, is boosting prices and taking business from rival suppliers of uncut and unpolished gems, according to a complaint which a Belgian industry group plans to file with the European Union’s antitrust authority.

The Belgium Polished Diamond Dealers Association, which represents about 150 Belgian diamond companies, says some of its members are losing business to suppliers chosen by De Beers. The association will file the complaint with the EU’s Competition Directorate General in the next two weeks, its president, Andre Gumuchdjian, said in an interview on Friday.

Johannesburg-based De Beers sells three out of five of the world’s rough diamonds, which are uncut and unpolished. The company is trying to boost diamond jewelry sales by forming closer ties with manufacturers and opening retail stores.

Read the rest of the story at http://www.financialexpress.com/fe_full_story.php?content_id=92194

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