DEALS IN DIAMONDS

Sun (Auckland), Volume III, Issue 913, 5 March 1930, Page 9

DEALS IN DIAMONDS

POWERFUL SYNDICATE CHARGED CONSPIRACY ALLEGED United P.A.—By Telegraph—Copyright LONDON, Tuesday. Some of the wealthiest men in the world, including Messrs. Solomon and Jack Joel, and Sir Ernest Oppenheimer, are defendants in an actiou brought by the l/nited Diamond Fields of British Guiana, the directors of which allege that they were ruined in consequence of a fraudulent conspiracy to control the world’s diamond market, which the defendants deny. Sir Patrick Hastings, in opening the plaintiff’s case, said the defendants formed a diamond syndicate of almost unbelievable wealth and power, which concluded agreements with the producers, including the plaintiff, to restrict the sale of diamonds to the syndicate. Otto Oppenheimer was appointed expert for the Guiana Company, and in that capacity it is alleged that he set out to ruin the company for the benefit of the syndicate. Messrs. Jack Barnato Joel and Solomon Barnato Joel are members of the firm of Barnato Bros., the South African gold magnates. They are well known on the English turf. Mr. Sol .Joel has a famous estato at Maiden Erlegh, near Ascot. One of his many large financial dealings was the payment of £. 5,000,000 for the business of Horockses, Crewdson, and Co., Manchester cotton spinners. Sir Ernest Oppenheimer is a Kimberley financier. He is a member of the Legislative Assembly, chairman of various South African companies, and was for some years Mayor of Kimberley. He is the South African head of the Diamond Buying Syndicate.