No diamonds for Ferrari afterall - 5th January 18:33pm GMT

Though it had been widely reported that De Beers was set to take over from Vodafone as the sponsor of Formula One team Ferrari, the rumors, it seems, were incorrect.

In a statement, De Beer's spokesperson Simon Gilbert said "While we are always looking at new exciting PR opportunities, and there is a natural association between diamonds and the glamorous world of Formula One, the De Beers Group and the DTC has no intention of sponsoring a Formula One team."