Make us your home page

De Beers diamond lawsuit coming to a close

Diamonds just might be everyone's best friend these days — or at least those who bought them in the mid-1990s to early 2000s.

The federal courts have finally ended the class action lawsuit against trading company De Beers for overcharging for diamonds. The U.S. Supreme Court recently decided not to review appeals.

Checks are expected to be in the mail within the next few months, according to the claims website,

To receive a check, diamond buyers had to submit a claim in the case by May 19, 2008.

The total settlement amount is $272.5 million, but it is unclear how much individuals will receive. At the time the class action was announced, the minimum check was expected to be $10 and the maximum $640 for a loose diamond or diamond jewelry costing $2,000 or more.

Class action lawsuits often result in little for plaintiffs because much of the money from the settlement gets eaten up in legal fees.

The settlement was the result of several lawsuits. Plaintiffs complained that De Beers S.A. and its associated companies violated antitrust, unfair competition and consumer-protection laws. The plaintiffs also alleged that De Beers monopolized diamond supplies, conspired to fix, raise and control diamond prices and disseminated false and misleading advertising.

Although De Beers settled the claims, the company did not admit guilt in any of the allegations.

De Beers diamond lawsuit coming to a close 07/16/12 [Last modified: Monday, July 16, 2012 6:59pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights


    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.


    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]