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De Beers pleads guilty to price fixing, ending decades old case

A long-awaited criminal case diamond giant De Beers ended Tuesday in Columbus. The giant diamond producer admitted to conspiring with a Worthington subsidiary of General Electric to fix prices of industrial diamonds.

The case is important to De Beers because it would clear the way for the company to sell diamonds directly in the lucrative United States market.

De Beers has sold diamonds in the United States only through intermediaries since shortly after World War Two.

US District Court judge George Smith fined the company $10 million,the maximum penalty.