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After five years, DeBeers diamond settlement checks go out

Five years after it was announced, checks finally began going out to consumers this month in the $300 million DeBeers diamond settlement.

The amount of the check depends on how much the diamond cost. The smallest payment is $10.

Several class action lawsuits against DeBeers and its affiliates claimed that the largest supplier of the world's diamonds violated antitrust, unfair competition, and consumer-protection laws by monopolizing diamond supplies, conspiring to fix, raise, and control diamond prices, and disseminating false and misleading advertising.

To receive a payment from the settlement consumers and retailers must have filed their claims by May 2008. The fund was largely divided between retailers and consumers.

The consumer class includes those who bought "any diamond or diamond jewelry or other products containing gem diamonds for personal use and not for resale between January 1, 1994 and March 31, 2006," according to the settlement.

"Payments were calculated based on several factors, including how much you paid, the quantity and quality of the diamonds you purchased, the amount of money that is available for your Class or Sub-class, and how many Class Members filed claims," claim administrators said in a statement about the payment.

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After five years, DeBeers diamond settlement checks go out 06/11/13 [Last modified: Tuesday, June 11, 2013 9:09pm]
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