Diamond Giant Pleads to Price Fixing; Now Free to Enter U.S. Market

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DeBeers SA, the huge diamond company, pleaded guilty yesterday in Ohio to price fixing and agreed to pay $10 million to settle a 10-year-old indictment. The deal paves the way for the company to start doing business directly with the American market, the Washington Post reports. Based in London and South Africa, DeBeers controls 60 percent of all rough, uncut diamonds sold worldwide. It already reaches U.S. consumers through intermediaries, including diamond distributors and marketing firms. Yesterday's action in a federal court in Columbus, Ohio, may have little impact on diamond prices and market share . . .

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