Ferrari announce new sponsor - 1st January 12:23pm GMT

Ferrari's Formula One team is to mark its diamond anniversary in 2007 with a multi-million pound sponsorship deal with De Beers, the world's largest diamond mining company.

The move is part of De Beers's commitment to raise the amount it spends on marketing and promoting diamonds to around 10 per cent of its sales.

The diamond company will replace Vodafone on Ferrari F1 cars at the end of next season after the world's largest mobile operator switched its sponsorship to McLaren-Mercedes.