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Industry: Email Alert RSS FeedDe Beers Wins Suit Against Sightholder.
Jewelers Circular Keystone, May, 2007
By Rob Bates
De Beers won its lawsuit against Jayam, a sightholder based in Antwerp, Belgium, in a case that could have declared Supplier of Choice legally invalid.
The suit alleges that, in its first Supplier of Choice allocation, De Beers' Diamond Trading Company capped the new sights based on sightholders' previous allocations. Jayam argued that such capping fell outside the announced SoC criteria and constituted a breach of the SoC contracts.
The European Commission's ombudsman for sightholders ruled in favor of Jayam on this question, but Jayam felt the DTC did not implement his decision, leading to the lawsuit.
The judge, however, believed the capping mechanism was 'not unreasonable,' and argued there is no evidence Jayam...
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