Endiama: De Beers Loses Arbitration at International Court

De Beers has lost out to Endiama and the State of Angola in its arbitrational proceedings at the International Arbitrational Tribunal. According to a statement issued by Endiama on Saturday, the court has also condemned De Beers.

In June 2002 De Beers initiated an arbitration process against Angola and Angola's diamond company Endiama after Ascorp received exclusive exporting rights from the country in 2001.

De Beers wanted the court to prevent Angola from implementing two diamond related laws - decrees 7-A and 7-B of 2000, which require the delimitation of mining concession areas and sets the diamond exporting system – and receive $31 million in compensation for damages.

No official statement was issued by the international court, which acts under the regulations of the UN Commission For International Trade Law (UNCITRAL) in Sao Paulo, Brazil.

Endiama says the court demanded to conclude the arbitrational procedures, in effect ending the process. Endiama also says the court decided De Beers will need to pay 60 percent of the court costs.

A De Beers spokesperson told IDEX Online that they are yet to hear from the court on the ruling.