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Indian firm cracks Israeli-controlled cartel in Ghana

Publication: The Ghanaian Chronicle

Date: Wednesday, October 1 2003

An Indian company has broken what appeared to be cartel dominating sales of rough diamonds in the Ghanaian rough diamond sector.

According to the newspaper, the cartel was broken at a tender which took place on August 28, when Balaji Diamonds, an Indian company, was successful with its offer to buy diamonds offered by the Ghana Consolidated Diamond Company (GCDC) at a floor price of $30.24 per carat.

In so doing, it beat out the price offered by an Israeli company, DWS Diamonds, which had offered $28.10.

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