Top EU court backs deal to drop case vs De Beers

De Beers, the world's leading diamond producer, agreed in 2006 to phase out rough gem purchases from Russian state-owned diamond miner Alrosa over the next two years in an effort to ease concerns that the transactions could stifle competition.

The Commission, the 27-country European Union's antitrust watchdog, had launched legal proceedings against the two companies over their five-year agreement in 2002 under which Alrosa was to supply stones to De Beers.