Comments on: De Beers Diamond Settlement Explained

By: Barbara K

Barbara K — Thu, 09 Feb 2012 21:53:59 +0000

has anyone gotten a red cent from all of this. I hope it will be settled before I die

By: Cindy B

Cindy B — Thu, 29 Dec 2011 19:50:47 +0000

Its Dec 2011, another year.

By: Cindy B

Cindy B — Wed, 01 Dec 2010 20:20:02 +0000

Its now Dec 1, 2010. Any updates?

By: Thom

Thom — Fri, 19 Mar 2010 13:55:30 +0000

The last I heard, until a few minutes ago, was that my payment ($9,980.00) would be valued at a rate of 27.5%. Now I hear that the MAXIMUM payment will be no more than $640.00. What happened?

By: Cindy

Cindy — Tue, 02 Mar 2010 16:11:34 +0000

(Canned) response I received today:

Appeals have since been filed contesting final approval of the Settlement, and these appeals will postpone resolving claim calculations. A hearing on these appeals was held on January 28, 2010, at the Third Circuit Court of Appeals in Philadelphia. The court gave no indication as to when a decision will be made. No payments will be made on eligible claims until all appeals are resolved. It is uncertain how long these appeals will take to resolve, and the timing of resolving the appeals is not within our control. The appeals may take several additional months or longer to resolve before the settlement becomes final and funds can be distributed to eligible claimants.

Diamonds Claims Administrator

By: Kim Farrar

Kim Farrar — Thu, 10 Dec 2009 20:48:52 +0000

From what I read on “diamondsclassaction.com” (number 19 link long form notice) That $640 that the authors of this website mention was actually taken from an example based on a $2,000 purchase. From what I read (admittedly little) you would still get 45% of what you spent +/- due to the pro rata computations.

I have not seen anything on how many people filed claims.
I do know that Jewelers Vigilance Committee filed a brief with the courts this summer. It asked the courts to settle all this and make payments as a stimulus to the jewelry industry and especially small jewelers.

I have no clue as to when they will actually pay up. I’d like to see that money before I retire in 2035.

Best of luck.

By: shell

shell — Sat, 10 Oct 2009 02:05:58 +0000

when can we expect to get payment

By: Luis

Luis — Sun, 05 Apr 2009 16:23:48 +0000

Diane,

I was able to locate the info. Best method, send email, you will get a reply within 2 days, the most!

Good Luck!

Diamonds Settlement Administrator
P.O. Box 9432
Minneapolis, MN 55440-9432

Email: Administrator@diamondsclassaction.com
Tel: 1-800-760-5431 or if you are calling from overseas (612)-359-2002

By: Luis

Luis — Sun, 05 Apr 2009 15:48:22 +0000

I recently sent an email to the Settlement Administrator, for a status update on the settlement, and was advised that nothing has been resolved. This was three months ago. I don’t have the email address, because my computer died, and I lost everything, as well as the Administrator email address. My filing was for over $70k in purchases. I have just read, that the maximum will be $640.00. Is this correct, did they change pay out amounts! Because I was not aware of this, and I have documentation that says otherwise. According to my documentation, it reads,
Consumer Diamond Product Table:
Dimonds only jewlery –
1) $200-$999 payment claim will be 27.5% of the retail price.
2) $1k-$5,499. @ 32% of the retail price.
3) $5,500.-$9,999 @ 38.5% of the retail price.
4) $10k or more @ 45% of the retail price.
5) Loose Diamonds any and all will be paid @ 59% of the retail price.

Please advise. Feel free to email me. I will search for the Administrator’s Email Address through my printed documentation. I saved everything on hard copy.

By: diane

diane — Fri, 09 Jan 2009 04:24:32 +0000

Does anyone know how to check on the status of a claim if one was submitted ? If so please let me know. Thanks!

By: Vickie

Vickie — Fri, 19 Dec 2008 17:41:12 +0000

Did anyone ever see a check after filing their claim? I haven’t, and my claim was nothing to sneeze at!

By: Ken

Ken — Sun, 13 Jul 2008 19:42:17 +0000

This is interesting. There are two groups in this claim action. The final consumer and the middle man buyers. The middle man buyers pass on their expenses to the final buyer, but they get a piece of the claim and at a higher percentage and greater dollar value than the consumer. The final buyer gets a smaller percentage and is limited in total dollar value. Once again, our justice system looking out for the citizen.

By: thehungrydollar.com

thehungrydollar.com — Sun, 17 Feb 2008 15:52:02 +0000

That’s amazing! We all knew they were cornering the market, but I never would have thought they would actually be held responsible.

By: Tim

Tim — Sun, 17 Feb 2008 15:29:32 +0000

i should be in for a good pay off over the next year with the foreign transaction fee class action, the debeers class action, and konica/minolta class action.

By: Kirk

Kirk — Sat, 16 Feb 2008 05:12:36 +0000

Along the lines of adfecto, I have a friend who got an “insider” tour of the Kremlin and other Russian buildings. He was taken to a vault (no, not one of Stalin’s) that contained thousands of diamonds. His Russian guide told him that De Beers was paying Russia to vault the diamonds, rather than sell them on the open market.

These guys are dirty.