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For those of you who don't already know about DeBeers Diamond Class Action Settlement, this is all you need to know:
1 It's real, not a hoax.
2. Pretty much anyone who bought any diamond between 1/1/1994 and 3/31/2006 is eligible (consumers, resellers and direct buyers who purchased any diamonds or diamond jewelry for personal use or as gifts, for resale, and retail between January 1, 1994 and March 31, 2006)
3. And you will not get rich because so many people are eligible to file the claims
For details and forms, go here.
Consumers can file an online claim here.
Summary of the Settlement
De Beers is the largest supplier of rough diamonds in the world. Beginning in 2001, Plaintiffs in several states filed lawsuits against De Beers in state and federal courts alleging that De Beers unlawfully monopolized the supply of diamonds, conspired to fix, raise, and control diamond prices, and issued false and misleading advertising. De Beers denies it violated the law or did anything wrong.
The Settlement Agreement provides that $22.5 Million be distributed to the Direct Purchaser Class, and that $272.5 Million will be distributed to the Indirect Purchaser Class. De Beers also agrees to refrain from engaging in certain conduct that violates federal and state antitrust laws and submit to the jurisdiction of the Court to enforce the Settlement.
Statement from DeBeers:
Read The DeBeers Group Statement here.