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De Beers Diamond Class Action Lawsuit Settlement Update
By Kimberly Mirando
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We reported in December 2011 that a settlement in the De Beers diamond class action lawsuit had been approved, but it appears claimants may have to wait even longer as the challenges and appeals that have plagued the case for years continue to play out.
The De Beers diamond settlement is a huge class action lawsuit that will pay out hundreds of millions of dollars to consumers who purchased loose diamonds or jewelry and jewelry store owners who were affected by an alleged DeBeers monopoly, and who filed claims May 19, 2008. (You can read more about the De Beers diamond class action lawsuit settlement here.)
The Supreme Court’s denial of the first petition means that the previous decision by the Third Circuit Court of Appeals to deny the Class Members’ objections to the De Beers diamond settlement will be reinstated.
No information was given on when the Supreme Court will rule on the second appeal, but payment of claims will likely be delayed until the Court acts on the second, and final (as far as we know,) appeal.
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Updated May 24th, 2012
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78 thoughts onDe Beers Diamond Class Action Lawsuit Settlement Update
I was hoping that the last day of nov that they would say the checks are going out first week dec. Sorry kids no xmas for me. Rust got money to settle dealers and don’t care about consumers. They are losing their creditability.
amazing, retailers get theres first, Retailers mark up for easy sake is 30%. You buy a diamond 8 years ago for $6000. there cut is $2000. If debeers illegaly marked up prices 30% that diamond would have cost them
$2800 and you would have paid $4000, so they would have made $1200. So retailers act made more by inflated prices and now they get paid first? My numbers are off a little but you get the gest of it
It would be nice to have some info on the delays. They said couple months it’s going on three–just a brief explanation. Thank you!
With no updates this means we are not going to get anything this year!!! They should have done administration for the consumer class to the court. Why they keep holding consumer money only makes me believe they are going to wait until after the dealers get their second checks. NO CONSUMER AUDITS ARE GOING ON___IF THEY HAVN’T FIX THEM BY NOW —TOUGH LUCK!!!!! I love how this story in May says couple of months and also that rust has also said it would take couple of months. WE THE PEOPLE DESERVE AN ANSWER !!!!! for the delays!!!
I think we all should start a protest movement against the sellers of Debeers Diamonds. Lets all go to the largest shopping mall we live near, and protest outside the entrance & exits, starting NOW…. ASAP..11-17-2012 Saturday
There should be some avenue for those of us in this class to voice our concern on the manner this is being handled. Either the court in NJ or whoever selected this administrator. Poor communication and when you do connect with anyone you get standard boiler plate answers off the web. If it wasn’t for the consumer there wouldn’t even be a DeBeers.
This B/S has gone on so long, I will never buy a diamond ANYTHING for my wife or anybody else. They are just tying it up in the court system and letting the $$ draw what little interest they can until they finally cry UNCLE! Whatever I recieve, I can guarantee it will not be invested in anything related to Debeers. Yes, that means you retailers are gonna take the hit. I pitty the fool who finds in favor or DeBeers. There are not enough hiding places anymore.
ENOUGH IS ENOUGH ALREADY. Give us our measly pennance and we will go away. Forgive my spelling. It is way past my bedtime.
Item
Purchase Price
Recognized Claim Percentage
Mixed Stones Jewelry
Mixed Stones Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Diamonds Only Jewelry
Loose Diamonds
Less than $200
$200 or more
Less than $200
$200 – $999
$1,000 – $5,499
$5,500 – $9,999
$10,000 or more
Any and All
6% of the retail price
14.5% of the retail price
10.5% of the retail price
27.5% of the retail price
32% of the retail price
38.5% of the retail price
45% of the retail price
59% of the retail price
Read more at http://topclassactions.com/lawsuit-settlements/lawsuit-news/1530-de-beers-diamond-class-action-lawsuit-settlement-approved#Lc8E3WH2CoBeO7OO.99
What is the payment schedule? I can’t open it.
I spoke by email to the admin. they said checks will be out within 180 days and their is a payment schedule you can view on there website and that I didn’t have any other forms to file.