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Update: De Beers Diamond Settlement Checks for Consumers Close
By Sarah Pierce
Top Class Actions just received an exclusive update on the De Beers Diamond class action lawsuit settlement, which is still awaiting payouts to the Direct Purchaser Class (consumers). According to our inside source:
“The official update is that we are preparing an affidavit to be filed with the court pertaining to the distribution [of consumer checks], and once the court approves, distributions will be made. We cannot provide a specific time frame for this to occur.”
Indirect Purchasers (dealers) were given the green light to receive their De Beers Diamond settlement checks in August. And according to a September article on JCK Online, they’re “surprisingly happy” with their De Beers class action settlement checks.
Many of the dealers received five or six figures, reports the article. According to one New York City diamond dealer: “I was among those who was asking, ‘Was it worth the effort to file a claim?’ But it was definitely worthwhile. I almost had to take a second look. I thought, ‘It’s got to be a mistake, I should take it to the bank fast and cash it.’”
Many of these dealers will also receive a second check, as the class action lawsuit settlement agreement was to distribute 85 percent of the settlement fund in one wave, and distribute the remaining funds in a second wave. This excludes Class Members where the second amount totals $25 or less.
There’s no telling when the De Beers diamond settlement checks will be mailed to the consumer class, but it may be at least two months since they’re still preparing the affidavit. 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, or have these updates delivered to your inbox by signing up for our free weekly newsletter.
Updated December 6th, 2012
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1,230 thoughts onUpdate: DeBeers Diamond Settlement Checks for Consumers Close
Andrea–$10.00 free money is coming your way. When they talked about dealers small checks they were talking about consumers. Been fun -i’m donating my winfall.
#35 Belinda wins the comment of the day. Bel, wished you lived in CA’s central valley.
#38- Honey….FYI, it’s “Pay it Forward” (hugs)
#37- You ASScertained what? Your tally makes no sense? Am I missing something? Ok, I’ll take the fall as the village idiot, but #37 didn’t tell me anything. Ehhh…..nevamind….
Well ……Like the rest of you….I’m STILL on the EDGE on my SEAT, biting my NAILS!!!!! This is SOOOO EXCITING!!! Mailman, mailman, mailman………Where ARE you? Its like a…a…….a……. bad reality show, ——- only on this site.
I can’t WAIT! When this is over with…then I can (I mean you can) take it off your “favorites” bar.
Belinda: Feel free to contact me anytime at;
Souza1970 at that yahooooooooooo place!
Hey guys….think about it.Lawyers aren’t going to give anyone here and update. Period. Yes, all us fun-loving cats would love to know what goes on behind closed doors, but…..c’mon…..if you people want a change…go MAKE it happen.
They give anyone a computer and internet access these days (shaking my head…..)
I come on this site about once a year (this has been going on for quite some time)…and all of a sudden, it will occur to me that I filed a claim, and I will come and check the status…I have been sitting here for the last 5 minutes reading the bashing and I will be back in another year…please people, life is entirely too short and my famous words…it’s just not that serious.
Bottomline is this: all of you previously made a purchase and went on with your lives…the fact that this lawsuit arose provides you an opportunity to get a refund of some sort…when you consider that when you made the purchase, there was no anticipation of a refund, then ANY amount you get back, WHENEVER you get it back, is a BLESSING…
Hopefully, some of you will ‘play it forward’.
From what I can ascertain from postings….I do not think we can have any kind of an educated guess unless we know the number of approved claims in our respective class. This may be incorrect, but, do take a minute and peruse the following from another poster:
https://diamondsclassaction.com/pdfs/Consumer-ResellerNotice.pdf
Examples:
Mixed Stones Jewelry – Less than $200 – 6% of the retail price
Mixed Stones Jewelry – More than $200 – 14.5% of the retail price
Diamonds Only Jewelry – Less than $200 – 10.5% of the retail price
Diamonds Only Jewelry – $10,000 or more – 45% of the retail price
Loose Diamonds – Any Amount – 59% of the retail price
That’s not the amount you’ll get back, that’s the adjustment they’ll make to see what _share_ of the pie you get.
So, if there were $1,000 to be divided (just to make up #s), and the only people in the class were person A who bought a $10k diamond ring and person B who bought a $5000 loose diamond, then:
Person A: $10k *.45 = 4500 “points”
Person B: $5k *.59 = 2950 “points”
Total = 7450 “points”
$1000/7450 = $0.134/point
Person A gets 4500*.134 = $604
Person B gets 2950*.134 = $396
On JCK updates a poster said:
“The website shows that it was “updated” on December 14, 2012, but absolutely nothing was updated or added, except the new date! However, I see that on December 14, 2012, the class attorneys asked the court to approve more fees and expenses and asked the court to rush it so that the payments could be made by the end of the year!”
I was of the opinion, because of what I have read, that the affidavit being prepared was for the approval of payout to consumers. Could the person who posted on JCK be correct…..was the affidavit being prepared actually for the purpose of asking for approval for more fees and expenses… and not for approval of their audit results and for approval to mail consumer checks ?
Everyone here realizes that the dealers “lost” a whole lot more money than us consumers, right? Of course they got their money first — they were the most affected. And while we’re on the subject, if you spent enough on diamonds that you are expecting a sizable refund and you’re now homeless, I encourage you to examine your spending habits and reassess your priorities. Maybe try spending a little less on diamonds and a little more on rent.
Also, we’re talking about people who were “screwed” by buying diamonds here. Not milk. Not vegetables. Not blankets for their babies. Diamonds, people. You didn’t have to buy them. Yes, you were overcharged. We all were. But you were overcharged on a luxury that you still chose to buy. How much do you pay for your iPhone each month? Too much, in my opinion. Yet you keep paying it.
Andrea — LOL @ Zimbabwe. I need to transfer a large sum of money into your account, which you can keep, free of charge. Sound good? ;)
Andrea- You must never been in a class action before. You arn’t aware that most are settled out very quickly. The very fact that they got right to the dealers claims and left consumers hanging because we are inconsequential to them. If they would just give info or take a phone call alot of people wouldn’t being saying anything. You’ve done your fair share of foot stomping by making fun of others.
RE Belinda: Lol!!! Thanks! I have been dead bored at my job and have had a few moments here and there to comment on the feet stompers! Drinks anytime! I’m in CA (USA)…you are probably in Zimbabwe?!!
Oh hell…Oh, and speaking of “Oh”….Ro….you make no sense. Please proofread your previous post, and give us a more rivetting explanation….cause we are all on the edge of our SEATS NOW!!!!
(Hey….some people are almost homeless, and some will raise some HELL if they aren’t paid what they think they are worth…….And paid NOW [Ok, soon!!] )
I am really saddened that I am probably one of the youngest posters here (42), and this world has turned into a “Gimme NOW!”, society. WTF is wrong with people?
On JCK updates a poster said:
The website shows that it was “updated” on December 14, 2012, but absolutely nothing was updated or added, except the new date! However, I see that on December 14, 2012, the class attorneys asked the court to approve more fees and expenses and asked the court to rush it so that the payments could be made by the end of the year!
I have been thinking, because of what I have read, that the affidavit being prepared was for the approval of payout to consumers. Could the poster be correct it as for approval for more fees and expenses? Oh my!
Just so I know how frightened to be for our country, how many of you people vote?
Andrea, if I ever run into you at a bar, drinks are on me. :)