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De Beers...........

Over the last century, De Beers has been highly successful in increasing consumer demand for diamonds. One of the most effective marketing strategies has been the marketing of diamonds as a symbol of love and commitment. De Beers is often criticised, and also praised, for creating demand for the diamond engagement ring through its advertising.

In 2004, De Beers pleaded guilty and paid a $10 million fine to the United States Department of Justice to settle a 1994 charge that De Beers had conspired with General Electric to fix the price of industrial diamonds (the diamonds used for industrial purposes such as abrasives on drills). General Electric had been to court to face the charges, but the case against GE was thrown out for lack of evidence. De Beers refused to appear in court, but ten years later "admitted [to] conspiring to fix prices in the industrial diamond market", pleaded guilty, and agreed to pay a $10 million fine.


Nice people..................