Suspect You Paid Too Much For That Diamond?

Posted on January 23, 2008 by Melissa
Filed Under Shopping

Of course you did. We ALL did.

The good news is that we may get a little back now that the class action lawsuit has been settled. The lawsuit alleged that the diamond kingpins were being naughty and were up to no good when it came to diamond pricing.

A great big thanks to Punny Money for bringing this to my attention and my father-in-law sending us a reminder about the case today. If you haven’t checked out Punny’s site you are really missing out.

What’s going on?

De Beers, the world’s largest diamond importer, is settling a gigantic class action lawsuit worth $297 million. Part of that settlement will be distributed to consumers that purchased diamonds between 1994 and 2006.

De Beers is charged with violating all sorts of consumer protection laws by monopolizing diamond supplies and price fixing. Why am I not shocked by this?

What does this mean to you, the consumer?

Consumers who purchased any kind of diamond jewelry (even jewelry with diamonds mixed with other gemstones) between January 1994 and March 2006 for personal use can receive a rebate. The rebate amount will be determined based on the quality and quantity of the diamonds and on how many people file claims. The following table shows the maximum refund you could be eligible for:

There is no way to tell how much your refund will be worth until all the claims have been collected and the available funds are divided among those claims.The fine print indicates that they will not issue checks for claims that amount to less than $10. So, if your total claim is less than $165 for mixed stone jewelry or $95 for diamonds only jewelry, don’t even bother filing.

Are you eligible? All persons located in the United States who purchased any diamond or diamond jewelry or other products containing gem diamonds for personal use and not for resale between January 1, 1994 and March 31, 2006.Make sure you have the receipts as well. They don’t require you to send in receipts when you submit the claim but they do reserve the right to ask for them. I bet the larger claims will require receipts before they issue a check. Even if your claim is under $500 I think it’s best to be prepared.

How do I file? Go to the Diamond Class Action website to submit your claim before May 19, 2008.

The process was straight forward and simple. Today we put in a claim for my diamond engagement ring bought in late 2005. Eric just realized he made a mistake when filing, though. He labeled it as an engagement ring but then only put in the value of the solitaire diamond. He should have labeled it as a loose diamond since it was bought independently from the setting. We will have to figure out if it is worth contacting them to get it cleared up or not.

I’ve never been involved in a class action lawsuit before. Often they aren’t even worth the paper the notice is printed on. But this one could actually be worth everyone’s time. Make sure to send in your claims if you have them!

Image Source: Odalaigh

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Comments

7 Responses to “Suspect You Paid Too Much For That Diamond?”

frugalchick on January 23rd, 2008 5:37 pm

I don’t have the receipts anymore but I still have the earrings. Do you think I should still file?
Caryn Verell on January 24th, 2008 6:14 pm

while diamonds will always be a girls’ best friend, you need to get those cfl bulbs quick while prices are low. regular light bulbs have been and will be put on sale in most places as a “discontinued item”…that is the official word from my retail home building and supply boss.
Gary Diamond on April 12th, 2008 3:35 am

I am a South African, where De Beers was born and there was no mention in the news about it.
Gary Diamond on May 1st, 2008 10:50 am

Hi

I have still heard nothing from the Diamond Council of South Africa. Has anyone heard anything more about this. Thanks.
Gary Diamond on June 2nd, 2008 11:56 pm

Hi
Still no news on this so if anyone else has heard of anything please let us know
Thanks!
Gary Diamond(new comment) on October 1st, 2008 1:39 am

I guess no one has heard anything new on this subject
Diamonds(new comment) on October 24th, 2008 10:11 am

wow, very interesting post. You definitely wont have these issues at http://jacobruth.com