Diamond Refunds - Class Action Lawsuit
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One of my relatives told me last night about a recent class action lawsuit against the De Beers Group. They are the largest rough diamond distributor in the world. The lawsuit is based on the premise that De Beers fixed diamond prices during the specified time period.
Apparently the settlement provides for roughly $272 million (exact amount varies depending on which report you read) to be distributed to those people who make claims.
To be considered to a “claimant” you must have purchased a diamond(s) between Jan 1, 1994 and March 31, 2006 in the United States. There are other different qualifications for consumers and diamond resellers.
The exact amount of the payouts will be based on a pro rata basis, meaning that if the claims are more than the alloted $272 million, then the payouts will be based on how much you paid for the diamond compared to other claimants. I’ve also read that the claims will be based on the price the reseller paid for the diamond, not what you paid for the diamond. This is to prevent the value of the setting or other stones from affecting the claim amount.
More information can be found at https://diamondsclassaction.com/index.htm
They encourage you to fill out a claim online. It doesn’t appear that much documentation is required up front, but you may be required to produce some receipts later on.
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