OTHER NEWS - May 5, 1992
From Times Staff and Wire Reports
GE, De Beers Sued Over Diamond Prices: A user of industrial diamonds sued General Electric Co. and a unit of South Africa’s giant De Beers Consolidated Mines Ltd., alleging that they fixed the price of diamonds at artificially high levels. Kidder Concrete Cutting Co.’s class-action suit in Manhattan federal court follows an announcement last month that the Justice Department and FBI are investigating allegations that GE fixed diamond prices. GE spokesman George Jamison said, “Based on current information, we have no reason to believe antitrust violations occurred.” Since November, 1987, GE and De Beers together have accounted for 90% of the world’s industrial diamond market, the suit says.
