OTHER NEWS - June 22, 1992
From Times Staff and Wire Reports
Suit Accuses GE of Price-Fixing: A class-action suit contended that the General Electric Co. was involved in a scheme to artificially raise the price of industrial diamonds. The suit, filed last week in U.S. District Court in Cincinnati, alleges that GE and others--including South Africa’s De Beers diamond cartel--conspired to keep the price of industrial diamonds at artificially high and non-competitive levels. De Beers and GE control about 90% of the world’s $600-million-a-year industrial diamonds market. GE had no immediate comment on the suit.
