5 On Your Side

Diamond refund deadline nears

Posted May 19, 2008 4:15 p.m. EDT

— Monday is the deadline to file a claim in a $295 million class-action suit against DeBeers, the 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.

Although refund amounts will vary depending on the number of total claims filed for a piece of the $295 million, the higher the cost of the diamond, the higher the payout percentage. For example, according to the settlement, a $1,000 piece of diamond jewelry could be eligible for a $320 refund.

Are you eligible?

You are eligible for a claim if:

  • You purchased a diamond or diamond jewelry anytime between Jan. 1, 1994 to March 31, 2006.
  •  You maintain a residence in the United States.

To file a claim: