De Beers just settled a class-action lawsuit for price-fixing rough diamonds. They will pay $300 million to settle the dispute without admitting any error. Only $135 million has been set aside for consumers.
If you bought a diamond within the US for a 12 year period, you are elgible to be part of this settlement.
From an NBC Affiliate in NY:
The diamonds could have been purchased from any jewelry store in the country between Jan. 1, 1994, and March 31, 2006.
According to the claims administrator, a consumer who purchased a $2,000 engagement ring would be entitled to a maximum of $640 back. However, consumers are warned not to count that money yet as the formula only takes into account the value of what a consumer purchased and how many people file claims.
For those eligible, the filing deadline is May 19, 2008.
See: https://diamondsclassaction.com/
Everything I've seen on the news cautions against thinking that the personal payouts will be substantial. The more people file claims the smaller the payouts will be. However, I like the idea of sticking it to De Beers, the diamond cartel who is settling the case. They have also been reprehensible in not doing more to stop blood or conflict diamonds.
Evidently, this suit was brought by New Jersey.... Way to go. Maybe some other states can file a similar suit.
2 comments:
Cool, I signed up and claimed my part of the settlement. Now stop telling people about it so my share doesn't get diluted. :-)
Great, a few thousands, perhaps many more will receive a little jingle for their pockets. Sadly this type of lawsuit leaves DeBeers with the monopoly they deny and allows them to continue with bad behavior. And we, as consumers can expect to pay the same high (maybe higher) prices for the jewerly we so love. Why is the lawsuit the only fight and who thinks this is such a great idea?
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