Happy Valentine’s Day: DeBeers Diamond Class Action Settlement

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I knew $97.99 for the 143-carat pinkie ring I bought last year was overpriced.

Now, you can get some of your money back from DeBeers …

Do you qualify?

“People and companies who purchased Diamond Products for personal use, including to give as gifts. This is the Indirect Purchaser “Consumer Subclass.”

Yes, you are subclass but you might get some money and/or coupons 🙂

What was the original class action lawsuit?

“The lawsuits claim that the largest suppliers of diamonds in the world—De Beers S.A. and its associated companies—violated antitrust, unfair competition, and consumer-protection laws by monopolizing diamond supplies, conspiring to fix, raise, and control diamond prices, and disseminating false and misleading advertising. De Beers and the other companies deny they violated the law or did anything wrong. They also say that because they do not do business in the United States, the courts in the United States do not have authority over them.”

What happened in court? No surprise, DeBeers would rather settle …

“There have not been any trials of the lawsuits, and the Court has not decided who is right or wrong. Instead, the Plaintiffs and Defendants agreed to a Settlement on behalf of Class Members. Both sides negotiated the Settlement for several months with the help of professional mediators. By reaching a Settlement, they avoid the risks and costs of further litigation, including a trial, and Class Members have the opportunity to receive money and other Settlement benefits. You can read the entire Settlement Agreement by clicking here.”

Qualify?

“First, you must have purchased a Diamond Product in the U.S. between January 1, 1994 and March 31, 2006. A U.S. purchase is any purchase where the Diamond Product was delivered to you in the U.S. and includes purchases made from establishments in the U.S., as well as purchases from establishments abroad that were delivered to you in the U.S.. Second, you must have resided in the U.S. on October 1, 2007. For individuals, this means that you maintained a place of residence in the U.S.; for companies and other business entities, this means that you were organized and existed under the laws of any state or territory in the U.S. or maintained a place of business in the U.S.”

Read all about it here.

The FAQ.

You can also file your claim online. Or via printed PDF here.

The settlement for consumers is out of a pool of @$135 million.

Along with my government tax rebate check, I can finally afford the CARS Speedway of the South set.

More about diamonds? How the mofo of diamonds, it’s way, way, way, way, way, way larger than you think …

How and where diamonds are found.

But who needs mines – just pressurize your own.

But diamonds are boring … gold? That’s a cool journey across the cosmos …

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“According to Tyson, author of Death by Black Hole and Other Cosmic Quandries, all gold on Earth started out in the center of a star; he says stars are “in the business of cosmic alchemy.” Via NPR.

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1 Comment

Filed under Advertising, Financial, Internet, Marketing, Universe

One response to “Happy Valentine’s Day: DeBeers Diamond Class Action Settlement

  1. coreyj

    Not to burst a bubble but here are my thoughts as (1) jewelry store owner out of 50,000 that buy millions a year and have part of this claim as well.

    There has been a proposed settlement on a class
    action suit against De Beers – and consumers can file
    claims. A website has been set up at
    http://www.diamondsclassaction.com, for more information or to file
    a claim. Or you can call 1-800-760-5431 for more
    information.

    I seen a smiley faced gal just told America if they bought a 10,000
    dollar engagement ring from 1994 and 2006 they may be
    entitled to receive up to 45% of their purchase price back
    as part of the settlement. Good news is she said even if you
    bought your diamond from Sears or K mart. How’s that for kick
    a$$ journalism. Goooooooo Fox. Must be a really slow news
    day. Don “the reporter on the scene, self-sufficient
    jeweler” They also said you don’t need a receipt or proof when you first file?

    Here is what people don’t know.

    The 35% refund quoted in the paper. That the TOTAL
    amount in the settlement pool is $295 million.

    Now, figure 25% to lawyers, and then figure how many people
    WORLDWIDE (not just the U.S.) bought a diamond in those
    twelve years……uh maybe about 100 million???? Can’t wait
    to get your $2.95 now Mr. Customer. Oh, and by the way,
    guys like ME (jewelers) are also in on the settlement. In those years I purchased and sold over 10 million , Im just one of 30,000 Jewelers in this country to stake a claim first.
    $295 Million to DeBeers is like $1 to us. It was worth the price so they could keep selling in the USA.
    Save the postage.

    So, some still want to try this and I get so many emails and request that this is what its ended up for me to do.

    A Customer ~
    I have no idea how much I’ve bought from you over
    the years – the notice said I could file a claim for
    anything I’ve purchased between 1994 and some time in 2006.

    Myself : The claims period for consumers is Jan. 1, 1994 to
    March 31, 2006. We can do some research and get back to you
    concerning the information we have for your purchases on
    file. I can’t promise we have records that go back that far,
    but we’ll do our best to give you a summary of all your
    purchases we have on record. It will cost you $60 per hour for me to look up information and get receipts.

    If I thought it was worthwhile I would not ask this.

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