Buy A De Beers Diamond Between 1994 and 2006? You May Get A Refund!!!

Glad I'm not the only one keeping track :-)

hope my wife doesn't see this thread...this is where I claimed to have bought her "diamond" from....

March 13, 2012
De Beers Class Action Settlement May Face Further Delays

The settlement of the De Beers class action lawsuit could face further delays. According to reports from JCK Online, objecting attorneys said they plan to take their case to the U.S. Supreme Court.

The highest court in the land would be the last resort for objectors. At this point, it is unclear just how long an appeal -- if filed -- could delay the settlement. JCK reports that the Supreme Court's determination on whether or not to take the case could take anywhere from a couple of months to as much as a year. Should the court take up the case -- considered a long shot by observers -- the delay could be a year or more.

The settlement was initially approved in May of 2008, before getting tied-up in appeals. The class actions alleged that De Beers conspired to fix diamond prices, among other charges. While De Beers denied the allegations, the company decided to settle to avoid the expense and burden of litigation.

Even without an appeal, claimants are unlikely to see payments soon. According to the Jewelers Vigilance Committee (JVC), the administrative process can take a year or more.

Jewelers of America will keep retail jewelry members updated, so you can pass on the most updated information to your customers who may have filed claims.

What is the source of this? Nothing has changed on the official website.

Came across this interesting article

Quote : De Beers Diamond Class Action Lawsuit Settlement Update By Kimberly Mirando The hotly contested De Beers diamond class action lawsuit moved one step closer to paying out, according to the Jewelers Vigilance Committee, which reports that the U.S. Supreme Court denied a petition for judicial review filed by members of the Indirect Purchaser Class. A second petition for review filed by another member of the Indirect Purchaser Class is still under consideration by the Supreme Court. We reported in December 2011 that a settlement in the De Beers diamond class action lawsuit had been approved, but it appears claimants may have to wait even longer as the challenges and appeals that have plagued the case for years continue to play out. The De Beers diamond settlement is a huge class action lawsuit that will pay out hundreds of millions of dollars to consumers who purchased loose diamonds or jewelry and jewelry store owners who were affected by an alleged DeBeers monopoly, and who filed claims May 19, 2008. (You can read more about the De Beers diamond class action lawsuit settlement here.) The Supreme Court’s denial of the first petition means that the previous decision by the Third Circuit Court of Appeals to deny the Class Members’ objections to the De Beers diamond settlement will be reinstated. No information was given on when the Supreme Court will rule on the second appeal, but payment of claims will likely be delayed until the Court acts on the second, and final (as far as we know,) appeal.

New update from the official website [diamondsclassaction.com]:

On May 21, 2012, the U.S. Supreme Court denied the final petition for review. The claims administrator is conducting final claim audits, and distribution of settlement funds should take place within the next few months. Please visit the website periodically for any further updates.

Quote from maliboo74 : New update from the official website [diamondsclassaction.com]: On May 21, 2012, the U.S. Supreme Court denied the final petition for review. The claims administrator is conducting final claim audits, and distribution of settlement funds should take place within the next few months. Please visit the website periodically for any further updates.

It's about time! Looks like we all may be getting our 10 bucks after all LoL

Quote from RealtorKen : It's about time! Looks like we all may be getting our 10 bucks after all LoL

I'm hoping for a little bit more than that. I can't believe how many times I've checked their web site to see what was happening. Lets hope that we get enough back to make it worth the wait.

The Fairness Hearing was held on April 14, 2008, and the District Court approved the Settlement on May 27, 2008. Appeals were subsequently filed contesting final approval of the Settlement. A hearing on these appeals was held on January 28, 2010, at the Third Circuit Court of Appeals in Philadelphia. On July 13, 2010, the appeals court sent the settlement back to a lower court for further consideration. On August 27, 2010, the Court issued an order granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect. The Court heard the appeal again on February 23, 2011. On December 20, 2011, it held that the settlement complied with the law and should be approved. On May 21, 2012, the U.S. Supreme Court denied the final petition for review. The claims administrator is conducting final claim audits, and distribution of settlement funds should take place within the next few months. Please visit the website periodically for any further updates.

Quote from Deal Explorer : I'm hoping for a little bit more than that. I can't believe how many times I've checked their web site to see what was happening. Lets hope that we get enough back to make it worth the wait.

Conversely, if the number of persons filing approved claims is so low that the computation of a Claimant’s pro rata share of the Settlement
Fund would exceed the total Recognized Claim Amounts for all eligible purchases, the Claimant will be limited to the total Recognized Claim
Amount of their purchases. For example, if a Consumer Subclass Member claims for one engagement ring that costs $2,000, for which
the Recognized Claim Amount is 32% of the purchase price, that Claimant will not receive more than $640. Recommendations as to the
disposition of any money remaining after all Claimants are paid for the Recognized Claim Amounts of their approved purchases will be made
by Class Counsel to the Court after the total amount of such monies is determined.

Updated August 31, 2012

The Fairness Hearing was held on April 14, 2008, and the District Court approved the Settlement on May 27, 2008. Appeals were subsequently filed contesting final approval of the Settlement. A hearing on these appeals was held on January 28, 2010, at the Third Circuit Court of Appeals in Philadelphia. On July 13, 2010, the appeals court sent the settlement back to a lower court for further consideration. On August 27, 2010, the Court issued an order granting plaintiffs' request for a rehearing by the entire Court, thereby making the first appellate court decision no longer in effect. The Court heard the appeal again on February 23, 2011. On December 20, 2011, it held that the settlement complied with the law and should be approved. On May 21, 2012, the U.S. Supreme Court denied the final petition for review. Pursuant to an Order of the Court, Initial Distribution checks were mailed to Authorized Reseller Claimants on August 31, 2012. Please see the Resellers Home Page for more information about the Initial Distribution. The claims administrator is conducting final claim audits, and distribution of settlement funds to other subclasses should take place within the next few months. Please visit the website periodically for any further updates.

Consumers at the end of the line?

Quote from maliboo74 : Consumers at the end of the line?

From what I found, it looks like checks will be mailed by the end of the year.

I had a jewelry business and filed a claim - i received my check today with a letter that states 85% of the net settlement is being distributed now with 15% to be distributed in the next 180 days. Really don't want to say how much my check is but i would guess that whatever you claimed you will likely receive between 1-2% of your claim. So if you claimed 10,000 expect closer to $100 than $200

I put in for this years ago on a $1000. Ring Purchase. I guess $10 or $20 is better than nothing. I was hoping for a little more - Oh Well. Hope I get my check in time for the Holiday Season - So I can Splurge on something.