De Beers Enters Ferrari Formula One Sponsorship

Racing team Ferrari signed a sponsorship deal with De Beers to mark the team's diamond anniversary in 2007. By entering the world of Formula One, De Beers is following in the footsteps of its client Steinmetz, who is the formal sponsor of the Jaguar Racing team.

While the deal is reported to be with De Beers, it is more likely to be with its marketing arm, the Diamond Trading Company (DTC).

The agreement is reportedly part of De Beers' decision to increase its marketing spend to 10 percent of its rough diamond sales.

The Ferrari team is noted for its high profile driver Michael Schumacher, who won the Formula One World Championship six times in the past 10 years: in 1994-1995, 2000-2004.