Never been to Spain.

Thursday, January 24, 2008

DeBeers Class Action judgement

Fact #1: DeBeers made diamonds valuable through manipulative marketing and controlling the global supply by using aggressive price fixing policies, including flooding the local markets of any competitors to lower regional prices.

Fact #2: There 's a lot of diamonds in the world. They are more plentiful than you think. The problem is that there are stores of them hidden away in DeBeer's vaults, making them scarce by design.

Now I didn't buy a diamond between 1994 and 2006, because I am a stingy bastard and don't like to spend my money on things that have a questionable source that may have paid for an African massacre. I like to think (wishfully) that I am immune to manipulative marketing. Also, I am not in the USA, but this is an interesting turn of events. I am sure the 295 million is only a pale reflection of the actual money made by DeBeers through their business practices. But was I a US citizen and had I purchased a diamond, I'd be lining up for my share of the dole-out.

http://www.associatedcontent.com/article/556011/de_beers_diamond_lawsuit_could_entitle.html

https://diamondsclassaction.com/

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