Tag Archives: DeBeers

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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