5 On Your Side

Diamond refund on hold

Posted August 6, 2008

Map Marker  Find News Near Me

— Appeals have just been filed in the diamond class action settlement against DeBeers, a company that produces most of the world's diamonds.

A series of lawsuits claimed the DeBeers group of companies conspired to fix the price of diamonds, monopolized the market and had misleading advertising.

Because of it, the suits claimed, consumers paid more for diamonds then they should have. A settlement says that consumers who bought diamond jewelry between 1994 and 2006 are eligible to share the $295 million.

The appeals are arguing the money should be distributed differently.

No claims will be paid until the appeals are resolved, which one attorney has said could take years.

7 Comments

This story is closed for comments.

Oldest First
View all
  • Vincenzo R. Abacus Aug 11, 2008

    I'm sure the appeals will result in the attorneys on both sides getting a larger paycheck.

  • Xiaoding Aug 7, 2008

    "It seems that most U.S. diamonds sold may be Blood Diamonds (aka Conflict Diamonds). Do the research to make sure that you're not supporting slavery. http://www.stopblooddiamonds.org/"

    LOL!! You fell for it! There are no such things as blood diamonds. It's a myth, a story, to get you to buy DEBEERS diamonds ONLY! A huge scam for the gullible public! Total lie from begining to end!

  • JustOneGodLessThanU Aug 7, 2008

    It seems that most U.S. diamonds sold may be Blood Diamonds (aka Conflict Diamonds). Do the research to make sure that you're not supporting slavery. http://www.stopblooddiamonds.org/

  • StinkChee Aug 7, 2008

    Not all class action suits are bad. I've actually benefited from a class action suit over PB plumbing and ended up getting my house re-plumbed. Not so sure about this diamond one, but I did submit a claim.

  • garden Aug 7, 2008

    Those call actions suits are a big, laughble joke.

  • Wake1 Aug 7, 2008

    Another example of how the ones who were effected end up being cast aside because of the greed of a few!

  • Snakebite Survivor Aug 7, 2008

    These class action suits are mostly a snare and a delusion, for the benefit of lawyers. I'm supposedly due for $5 from Time-Warner cable for some sort of class action. Every couple years, I get a letter about how the suit is going (and the lawyers pocker another few million). By the time I get the $5, I'll be too old to enjoy it!