My husband is all over this diamond class action lawsuit. He’s seeing dollar signs, but I don’t know if we even qualify! Can you help us sort through all of this legalese?
Props to both of you for being savvy consumers. The class action lawsuit is against De Beers, the big South African diamond company, and it may be good news for your bank account. Whether it’s your engagement ring or another diamond-encrusted bauble, if you bought it between January 31, 2004 and March 31, 2006, you may be eligible for a partial refund.
The suit alleges that the De Beers company conspired to fix, raise, and control the price of gem diamonds. De Beers has officially denied these allegations but has decided to settle the lawsuits to avoid further litigation. What does it mean for you? You just may be entitled to a piece of the $295-million-dollar pie.
That being said, if your husband is earmarking those funds for a second honeymoon, you might want to tell him to cool his heels. Your refund will be dependent on a number of factors: the quantity of diamonds purchased, purchase price, type of diamond purchased, and -- most important -- the number of people who also file valid claims. Your share of that pie will most likely be a small one.
To make a claim, head to the settlement
website and submit a claim before May 19, 2008. After that, you won’t see a single penny.
7/1/08
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