De Beers, the world's largest diamond company, has pleaded guilty to fixing prices of industrial diamonds and was fined US$10 million, ending a 10-year legal battle with US prosecutors.
The plea may pave the way for the Johannesburg-based company to expand in the US.
The company, which sells three-fifths of the world's uncut diamonds, has been trying to move beyond the US$8 billion-a-year rough-diamond industry into the US$60 billion diamond retail market through a venture with luxury goods group LVMH.
De Beers pleads guilty to price fixing
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