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Update: De Beers Diamond Settlement Checks In the Mail for Dealers
By Kimberly Mirando
UPDATE 6/7/13: De Beers Diamond Consumer Settlement Checks Go Out!
Good news for those waiting to get a check from the De Beers diamond class action lawsuit settlement: on August 10, 2012, a New Jersey federal court gave the green light to allow the first checks to be mailed to the Indirect Purchaser Reseller Subclass, which includes most jewelers and diamond dealers.
According to the De Beers settlement administrator, Rust Consulting, 7,862 claim forms were received and processed from the Indirect Purchaser Reseller Subclass. Of those, 1,672 were not eligible to participate in the class action settlement, leaving a total of 6,190 eligible claimants.
The Indirect Purchaser Reseller Subclass will be allocated over $110.8 million, including interest. This amount may be reduced pending any future administrative and escrow fees.
The court ruled that claimants whose total payment would be $25 or less will not receive a payment, Rust said. Around 135 claims fell into this category.
So how will you receive your money from the De Beers diamond class action lawsuit settlement? Payments will be divided into two distributions: claimants will receive approximately 85 percent of their payout during the initial distribution and 15 percent during the second distribution – unless the second amount falls below $25. In that case, claimants will receive their payments in full during the first distribution.
Some diamond dealers who bought directly from De Beers or its competitors are also included in the Direct Purchaser Class. No official word has been given on when payments in this Class will be distributed. However, we’ve heard rumors that consumer checks may be mailed by the end of the year. Once a date is confirmed, we’ll pass it on.
Keep checking Top Class Actions for the latest updates on the De Beers diamond class action lawsuit settlement.
Updated June 7th, 2013
All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions
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71 thoughts onUpdate: De Beers Diamond Settlement Checks In the Mail for Dealers
agreed MIke #52 Mike 2012-11-28 10:54
Why would the dealers get any money? They passed their costs on to us, the consumer!
Better not be $10….if it is…then the indirect people should be paying us back a portion of what they received as their customers being doubly charged for diamonds.
Here are the two recent emails, I sent and there answers.
When will consumer payments be going out?
Regards,
Mark
First response: The Claims Administrator is conducting final claim audits. We anticipate that the distribution of settlement funds to other subclasses will take place in early 2013.
Thank you,
Diamonds Claims Administrator
Second email to them;
Does this mean first quarter of 2013? Or sooner?
Sent from my iPhone
On Jan 31, 2013, at 2:34 PM, “diamondsclassaction” wrote:
Reply form them:
Early 2013 is the information we have been provided with.
Thank you
Diamonds Claims Administrator
Summary they don’t know
“After investment of over 100k, no check yet, no one knows a thing and its’ frustrating at best.”
I always wonder why people would invest in diamonds. It’s not like gold that has a melt value. If you want to buy gold, you pay the spot price. If you want to sell gold, you sell it at spot.
With diamonds, a retailer buys it and marks it up 100%. Then sells it to you. If you want to sell it, you either have to find a buyer or take a dealers offer which is typically half of what he would sell it for.
If you have access to the wholesale market and retail contacts, diamonds can be a good business. But as an investment, there are better ones.
Hey everyone if you google debeers class action this website Topclassaction posted an update today that said consumer checks could be around 2 months away. Not exactly what everyone wanted to hear but better than the update the diamond classaction website that hasn’t been updated for almost 6 months. Wish it was better news but at least it is something.
After investment of over 100k, no check yet, no one knows a thing and its’ frustrating at best.
Bill, you’re are, so full of the brown stuff.
Bill, why do you keep posting the same bs over and over? no one has got any checks other then dealers…
Why would the dealers get any money? They passed their costs on to us, the consumer!
Thanks, Bill…At least we can all maybe wake up from our fantasies now. : ( I was really hoping for the $5,000 as insinuated. Reminds me of a job I once had.