Ever think to yourself when you bought that diamond ring for that special someone you were getting ripped off? Well chances are you were if you bought it between January 1, 1994 and March 31, 2006 according to this newly settled class action lawsuit against diamond cartel De Beers. Besides being a horrible company that brutalizes it work force in the diamond mines of Africa it looks like they totally molested people on the price of diamonds. Of the $295 million settlement amount, $135 million is going directly to consumers, which is good news (the rest is going to wholesalers and lawyers).
So, how many greenbacks are you getting back? Well that depends according to one of the lawyers (who by the way will be walking away with a nice check). It all depends on how many people make claims and for how much. It also depends on how much your bling cost. According to the article, “a $10,000 diamond ring is eligible for a $4,500 refund.” If you go to the article it will show you a nice "best case scenario" chart.
To make a claim go to this website and follow the instructions. For any piece that cost less than 10G’s you do not need a receipt. It is tempting just to file a claim when you actually didn’t buy anything since you don’t really need to prove it. But I saw a Discovery Channel expose on the De Beers family and their company and they are bastards, so I wouldn’t mess with them. If you jewelry or diamonds cost less than $96 you wont reach the $10 minimum and it is a waste of time to claim anything…so next time buy something more expensive.
Thinking you just hit a new pay day. Well none of the claims are going to match that of the lawyers. They will walk away with a cool $20-$30 million and you wonder why I want to be a lawyer. COME ON!!!
Pass the word along, I want all readers of D&F that got screwed by De Beers to get their just desert. Sean tipped me off to this little story and has already filed his claim. There is no telling how long it will take to get the money, but I bet when you get the check in the mail (which reminds me of a joke someone painfully told me) it will feel like reaching into your winter jacket and pulling out a 20 spot. The more you know.
