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 The
Telegraph's website has reported that Ferrari's Formula One team is
to mark its diamond anniversary in 2007 with a multi-million pound sponsorship
deal with De Beers, the world's largest diamond mining company.
The report states that the move is part of De Beers's commitment to raise the amount it spends on marketing and promoting diamonds to around 10 per cent of its sales. In addition to being known for its fabulous diamonds De Beers has also been involved in repeated allegations of price-fixing and in July 2004 pleaded guilty to fixing prices of industrial diamonds and agreed to a $10 million fine, ending a 10-year fight with U.S. prosecutors. In November 2005 it agreed to pay $250 million to settle lawsuits by U.S. consumers who alleged that the company fixed the price of gems from 1994 to 2005. The diamond company will replace Vodafone on Ferrari F1 cars at the end
of next season after the world's largest mobile operator switched its
sponsorship to McLaren-Mercedes. Click here to return to the Ferrari Happenings page.
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