EditorsNov 06, 2026
The Spectrum Pieces I Can’t Stop Thinking AboutFrom a Betta fish brooch to a “dragon’s trove” of zircon eggs, here are seven pieces that’ve stuck with Associate Editor Lauren McLemore.
SourcingJan 07, 2014
Court tosses WB David claim against De Beers
A federal judge in New York has dismissed W.B. David & Co. Inc.’s lingering claim in its 10-year-old case against De Beers’ rough diamond sales arm, the last outstanding antitrust case against the diamond miner and marketer in the United States.
New York--A federal judge in New York has dismissed W.B. David & Co. Inc.’s lingering claim in its 10-year-old case against De Beers’ rough diamond sales arm, the last outstanding antitrust case against the diamond miner and marketer in the United States.
On Monday, U.S. District Judge Kimba M. Wood ruled that the now-bankrupt diamond company failed to prove that the sightholder system of De Beers’ Diamond Trading Co. (DTC) constituted a monopoly and constrained sightholders’ business practices.
She ordered the case dismissed with prejudice, meaning it cannot be reopened.
De Beers said in an emailed statement that it welcomed Wood’s decision, and noted that the judge also denied a request to file another amended complaint and ordered the case closed, marking the end of the last antitrust suit against De Beers in the U.S.
Yann Geron, one of the attorneys representing the Chapter 7 bankruptcy trustee now handling the estate of W.B. David & Co., did not respond to request for comment made late Tuesday.
According to background provided in court documents, New York-based diamond company W.B. David was a De Beers sightholder for more than three decades, from 1969 until it was dropped in 2003.
In 2004, W.B. David filed a $100 million lawsuit against a total of 90 defendants, including De Beers and the DTC. Counts included in the original complaint were racketeering, violation of antitrust laws and unfair competition, among many others.
Over the years, the case was whittled down and, along the way, W.B. David was forced into bankruptcy, leaving its trustee to head the case.
In 2011, the case was thrown out of court entirely but the Second Circuit Court of Appeals in New York later ruled that one claim, the “sight claim” could proceed, court papers show.
The claim alleges that the sight system of the DTC, as well as its predecessor, CSO Valuations, violated antitrust laws and that De Beers and its diamond brokers conspired to control sightholders’ business practices. It was, W.B. David contended, an “unlawful vertical restraint, and that W.B. David incurred damages by purchasing rough diamonds from [the Diamond Trading Co.] at artificially inflated prices.”
In her ruling issued Monday, Wood stated that the sight claim does not adequately allege a conspiracy resulting in an unreasonable restraint on trade nor does it prove the sightholder system was a monopoly.
“Even assuming defendant possessed monopoly power
Editors' Picks
Sponsored by
in the relevant market, the sight claim does not allege that defendant’s sight system was anticompetitive,” court papers state. “No assertion is made, for instance, that the sight system excluded potential competitors or impaired the opportunities of rival firms.”
The judge said the factors W.B. David said made the sight system harmful to competition--the fact that only certain companies were selected as sightholders, rough diamonds were pre-selected and sightholders were forced to take their boxes and communicate through brokers--do not suggest exclusionary or anticompetitive conduct.
“As a general rule, businesses are free to choose the parties with whom they will deal, as well as the prices, terms and conditions of that dealing,” the ruling states.
In May 2008, De Beers reached a $295 million settlement in the huge antitrust case brought against it here by diamond purchasers, including retailers, wholesalers and consumers.
Purchasers accused the diamond giant of monopolizing supply and conspiring to fix prices. De Beers admitted no fault in the settlement, and the closure of the antitrust case opened the door for De Beers to operate openly in the U.S. market.
Due to numerous appeals, payouts in the case were still continuing as of last year.
More on Sourcing
The Latest
TrendsNov 06, 2026
Pat Pruitt’s DragonFly Earrings Take Flight on Election NightGroundbreaking New Mexico Governor-elect Deb Haaland wore the earrings, our Piece of the Week, when she declared victory on Tuesday.
MajorsNov 06, 2026
SNL’s Colin Jost Finds the Perfect Gift in Kay Jewelers’ Holiday AdJost goes on an epic journey, traversing rough seas and encountering a cyclops, to discover the perfect holiday gift.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
Weekly QuizNov 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
