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ť De Beers Pleads Guilty to Price Fixing

De Beers Pleads Guilty to Price Fixing

P: 7/13/2004 3:51:04 PM
Pricescope Administrator Total Posts: 8,265 Last Post: 1/5/2008 Member Since: 1/1/2000	De Beers pleaded guilty in a 10-year-old price-fixing case Tuesday and was fined $10 million fine as part of an agreement that would clear the way for the diamond giant to resume selling diamonds directly in the lucrative U.S. market. Full story Pricescope
Posted: 7/13/2004 3:51:04 PM

There are 16 replies to this message. There are 16 replies on this page.

P: 7/13/2004 3:58:19 PM
Wink Ideal Rock Total Posts: 4,032 Last Post: 11/17/2009 Member Since: 5/4/2001	Just curious, how many of you consumers think it will be good or bad if DeBeers comes back into the country? Do you have opinions, or do you care? Wink Wink Jones GG Winfield's/High Performance Diamonds
Posted: 7/13/2004 3:58:19 PM

P: 7/13/2004 3:59:26 PM
valeria101 Ideal Rock Total Posts: 14,048 Last Post: 4/30/2006 Member Since: 8/29/2003	That's soooo cheap !!! Thanks for the news Ana "The greatest experts are only as good as the sum total of what they have seen." [Souren Melikian]
Posted: 7/13/2004 3:59:26 PM

P: 7/13/2004 4:11:36 PM
questionsRus Cut Rock Total Posts: 141 Last Post: 9/20/2004 Member Since: 6/15/2004	make a poll!
Posted: 7/13/2004 4:11:36 PM

P: 7/13/2004 4:42:40 PM
Wink Ideal Rock Total Posts: 4,032 Last Post: 11/17/2009 Member Since: 5/4/2001	No let's discuss it. What do you think? Wink Wink Jones GG Winfield's/High Performance Diamonds
Posted: 7/13/2004 4:42:40 PM

P: 7/13/2004 4:53:37 PM
noobie Ideal Rock Total Posts: 1,318 Last Post: 9/21/2007 Member Since: 3/3/2004	---------------- On 7/13/2004 3:58:19 PM Wink wrote: Just curious, how many of you consumers think it will be good or bad if DeBeers comes back into the country? Do you have opinions, or do you care? Wink ---------------- I don't know enough about how the behaved in the past and what they did? Can you provide some details into their role? How do you you perceive they will enter in the future? I probably care but need more information and to think about it before forming an opinion However, a $10M fine to them for price fixing seems to me the same as fining some of the Enron and Worldcom guys a dollar for their crimes.
Posted: 7/13/2004 4:53:37 PM

P: 7/13/2004 4:54:21 PM
ame Ideal Rock Total Posts: 3,452 Last Post: 2/7/2006 Member Since: 7/7/2004	I hope that it will make prices go down but value go up. Is that possible? Honestly, I really don't care.
Posted: 7/13/2004 4:54:21 PM

P: 7/13/2004 5:16:34 PM
icelady Ideal Rock Total Posts: 1,030 Last Post: 10/21/2006 Member Since: 11/25/2003	---------------- On 7/13/2004 4:42:40 PM Wink wrote: No let's discuss it. What do you think? Wink---------------- I don't know what to believe. Some on the forum have said they didn't see DeBeers as the sole reason for diamonds being as expensive as they are, that they are not holding back rough. As I said, I really don't know what to believe, but they bother me. It seems like a monopoly to me. I am all for bringing the prices down some (especially with the latest bad news on price increases) so that I can feed my diamond habit, which is rapidly being fueled by PS! icelady
Posted: 7/13/2004 5:16:34 PM

P: 7/13/2004 5:34:30 PM
just-ice Rough Rock Total Posts: 57 Last Post: 9/13/2007 Member Since: 4/24/2004	I can't see the prices coming down...although I would love it if it did. With commerce as it is today...I can't think of anything returning to lower prices. The demand for diamonds is still high..they won't kill the golden goose.My suspicion is that they may not have been able to sell to the US market "directly" they were still moving their stones.There are loop-holes too everything. "The lack of planning on your part does not constitute an emergency on my part"
Posted: 7/13/2004 5:34:30 PM

P: 7/13/2004 5:45:37 PM
Nicrez Ideal Rock Total Posts: 3,230 Last Post: 10/21/2009 Member Since: 1/21/2004	As I see it, DeBeers did some serious plea bargaining, or some serious palm greasing to get away with $10 Million penalty. That's barely a slap on the finger. Last year's profits ALONE were $676 Million from $5.5 Billion in sales, then multiply that by the 60+ years they fixed prices, and that is SO RIDICULOUSLY disproportionate! Also, in the article Leonid posted, their statement is that they said, "the company has no plans to directly enter the U.S. retail market.", yet they bought over LVMH as a means to gain a valid entrance into the US market, and had plans to open stores in NY and LA, selling diamonds, which are even outlined in their business plans... I wonder why the discrepancy...? "Sometimes it's OK to throw rocks at girls...as long as they sparkle! " Nicrez, G.G., A.J.P.
Posted: 7/13/2004 5:45:37 PM

P: 7/13/2004 7:37:20 PM
lop Ideal Rock Total Posts: 2,651 Last Post: 9/7/2009 Member Since: 6/14/2003	I have a hard time seeing that DeBeers entry into the US would be good for anyone but De Beers. Often the entry of a big player means price pressure, which is good for consumers, bad for suppliers. I don't know the whole history of their business practices, -- particularly on the supply chain side, which might be where they exert the most influence, but they are pretty darn good at influencing consumer thinking through marketing, and obviously into keeping prices elevated. Who benefits?
Posted: 7/13/2004 7:37:20 PM

P: 7/13/2004 9:35:46 PM
canuk-gal Ideal Rock Total Posts: 9,195 Last Post: 11/19/2009 Member Since: 4/19/2004	HI: Paltry sum. Equivalent of two of Jo-Lo's ER rings--DeBeers supplied. As usual, they are laughing all the way to all the banks. Sharon "People who possess great qualities, do not need to show off".
Posted: 7/13/2004 9:35:46 PM

P: 7/13/2004 9:49:39 PM
Garry H (Cut Nut) Ideal Rock Total Posts: 11,567 Last Post: 11/21/2009 Member Since: 8/16/2000	Who cares? They always sold rough to US cutters. They always operated PR through seperate PR companies in all countries. And why would anyone think De Beers could run successful retail stores? What will change? Who will care? Garry Holloway FGAA DipDT HCA and Ideal-scope developer http://www.ideal-scope.com and http://www.HollowayDiamonds.com.au
Posted: 7/13/2004 9:49:39 PM

P: 7/14/2004 10:04:06 AM
valeria101 Ideal Rock Total Posts: 14,048 Last Post: 4/30/2006 Member Since: 8/29/2003	De Beers retail is a scary idea ! Not that it could not happen - after all, US is the largest retail market and they bought entry so darn cheap ... The questions might be if they want full fledged vertical integrations aside market control. After loosing market share for the past decade (at least by taking public stats at face value) De Beers may well move from it's old, safe position. Another questions is: would such a move affect their current business? I definitely do not know enough to guess this one. Interesting ? Ana "The greatest experts are only as good as the sum total of what they have seen." [Souren Melikian]
Posted: 7/14/2004 10:04:06 AM

P: 7/14/2004 10:20:27 AM
strmrdr Ideal Rock Total Posts: 23,296 Last Post: 10/9/2009 Member Since: 11/1/2003	The lawsuit just settles the area of industrial diamonds. The class action suits over consumer sales are still on going. If it was me id wait untill they extablished some us stores then file a rico lawsuit and take em :} Its a lot easier to collect after they have US assets. Anything that hurts them is fine with me anything that directly helps them sucks :} ........... Karl has joined the diamond trade and is now posting as Karl_K
Posted: 7/14/2004 10:20:27 AM

P: 7/14/2004 10:46:38 AM
chialea Ideal Rock Total Posts: 520 Last Post: 9/3/2004 Member Since: 4/20/2004	Their business practices really annoy me. I guess this just means that I'll have the chance to boycott them in a somewhat closer fashion.
Posted: 7/14/2004 10:46:38 AM

P: 7/15/2004 9:37:16 PM
coldfusion Rough Rock Total Posts: 50 Last Post: 12/20/2008 Member Since: 11/4/2002	As much as I'd like to believe De Beers is turning over a new leaf, i don't think settling the lawsuit has anything but their pocketbooks in mind. The facts: 1. It was illegal for them to set foot in the largest diamond market in the world. 2. De Beers image is terrible in the US. 3. Diamonds in general have gotten a bad image the last few years due to images of children in africa with amputated limbs. 4. The colored gemstone engagement ring is becoming more and more popular. I see people with them all the time now. 5. De Beers will be opening a joint-venture retail store in NY. Cutting out a middle man means more money for them.
Posted: 7/15/2004 9:37:16 PM

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