De Beers Battles Dual Litigation

Two new lawsuits threaten De Beers' "Supplier of Choice" initiative and its ability to sell diamonds in America. According to the Bloomberg news service, New York consumer Sean Tietjen recently filed suit in federal court alleging that De Beers drives up the price of diamonds by restricting their shipment into the United States. It also charges that De Beers' advertising campaign misleads consumers by calling diamonds "rare" and notes that "De Beers has simultaneously spent large sums to systematically buy up diamonds and otherwise restrict, restrain, and reduce the supplies of diamonds that come into the United States." The suit even dredges up the conflict diamond issue: "De Beers' and others' systematic purchases and sales of 'blood diamonds' rendered false and misleading another of De Beers' repeated representations in its systematic advertisements: Diamonds inherently reflect love
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