A $3 billion class action lawsuit has been filed against De Beers on behalf of American diamond dealers. The suit alleges that the company is in violation of the Sherman Act by "controlling and monitoring" who its sightholders sell to and discouraging sales to non-sightholders, which keeps the price of polished diamonds "artificially high and at non-competitive levels" and "restrains competition" from those outside its network.
"Plaintiffs and other class members have been injured in their business ... by being unable to purchase polished diamonds, except at prices higher than they otherwise would have paid in the absence of [De Beers'] unlawful conduct," the suit claims.
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