Feb 15

DeBeers Cartel Deathwatch: Russia Set To Flood Diamond Market With Firesale Of 167,500 Carats:

First it was the OPEC oil cartel which died a slow, painful, death. Now, another historic cartel may be on its last legs: the DeBeers diamond cartel, because according to Russian daily Izvestia, as part of Russia plan to combat its creeping budget deficit, Russia’s state minerals depository, Gokhran, will conduct two auctions on February 29 and March 10, in which it plans to sell as much as 167,500 carats of diamonds.

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