Nagel to Sue Graff over Non-Payment
September 02, 08 by Sergio Tjong-Alvares
Diamond broker W Nagel filed a lawsuit against jeweler Graff Diamonds for millions of pounds of damages, a source close to the conflict told IDEX Online on Tuesday.
W Nagel accused Graff of non payment of commissions after their relationship broke down. Nagel and Graff started their cooperation some 30 years ago.
Graff declined to comment.
According to a High Court writ Graff agreed in 1999 that Nagel would be paid a one percent commission on all purchases from De Beers outside South Africa. By 2004, the agreement had allegedly been breached.
The one percent commission is an industry standard and the rate all Diamond Trading Company (DTC) brokers charge their clients - Sightholders and rough diamond buyers alike.
