Diamond giant De Beers has agreed to pay nearly $300 million in a settlement related to price-fixing. As a consumer of finished diamonds, you could be due some money! An earmark of $135.4 million has been made for consumers who file a claim by May 19, 2008.
How To Know If You’re Due Money?
You must be a business or individual located in the U.S. who purchased one or more “Diamond Products” [e.g. engagement ring] from January 1, 1994 to March 31, 2006.
How To Get Your Money?
Go to the settlement web site and submit your information online “no later than 11:59 pm Pacific Standard Time, May 19, 2008.” You must include the purchase date and price, along with your personal information. And you may be asked to produce the receipt at a later time.
How Much Money Will You Get?
Check out this chart to see an estimate of the payouts:
There is also this from the settlement web site:
“If your claim is accepted, your payment amount will be based on several factors, including how much you paid, the quantity and quality of the diamonds you purchased, the amount of money that is available for your Class or Subclass, and how many Class Members file claims.”
My Engagement Ring
I purchased an engagement ring back in November of 2005, so looks like I’m eligible. I’ll be submitting my claim as soon as I can track down my old receipt.
Other Info
Thanks to Punny Money for the heads up on this issue.
Here’s an article from WNBC entitled, “Buy A Diamond? Money Might Be In Your Future” on this legit class action suit.
Video on the diamond settlement.
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