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DeBeers Settlement may mean a little money in your pocket

DeBeers If you bought a diamond between January 1, 1994, and March 31, 2006, you may be eligible for a piece of the $295 million settlement with DeBeers. The settlement is part of an agreement entered in to by DeBeers for anticompetitive practices while not admitting any wrong doing.

While some people are saying that you could get several hundred dollars for as small of a purchase as $2,000, I just don’t see it. The math doesn’t work.

In any case, if you would like to be a part of the class action lawsuit, you need to fill out a claim form before March 19, 2008. If you want a shot at getting a few dollars from DeBeers head over to the Settlement Website and fill out the form there.

This entry was posted on Sunday, January 13th, 2008 at 12:07 pm and is filed under Diamond News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Responses to “DeBeers Settlement may mean a little money in your pocket”

  1. Nancy French Says:
    March 1st, 2008 at 2:48 pm

    On 1/22/08 I submitted the proper forms for Diamond ring purchased 02/02/04. I have not heard any response back. Could you kindly respon. Ref #51062118

  2. SteveG Says:
    March 1st, 2008 at 3:24 pm

    Hi Nancy,

    Unfortunately all you can do once you submit your claim is to sit back and wait for the lawyers to do their thing. The last day anyone can file a claim is May 19th, 2008, so there will be nothing at all done before that date other than collecting claims..

    From there the accountants will have to run the numbers to see how much of the $135million each claimant is allowed to collect and then start writing checks.. I would be shocked if anyone sees a check before the end of the year..

  3. Coffeeandcigarettes Says:
    June 4th, 2008 at 11:35 am

    $135 million? It’s $295 million.

  4. Steve Gerencser Says:
    June 4th, 2008 at 11:56 am

    Correct, $295 million “total”, only $135 million is set aside for retailers and consumers, direct purchasers (site holders) get the rest..

  5. SB Says:
    August 3rd, 2008 at 11:32 pm

    I’m just curious, but didn’t anyone think about this settlement before making it?

    If 13 million people file a claim and there’s only $135,000,000 to divide up, everyone would get $10. Now I’m sure that there’s atleast 13 million out there that own a diamond. But if the check is $10 or less they won’t bother to mail it because it costs more to process and mail it than it’s worth. So what the hell is the point of this settlement?

    And if no one can get a check for $10, then who gets the $135 million? The Easter Bunny?

  6. Keith Oliver Says:
    October 26th, 2008 at 12:45 pm

    Does anybody know how many actual claims were submitted?
    I’m sure that it wasn’t 13 million!

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