Buy A Diamond? Money Might Be In Your FutureNEW YORK - Diamonds are said to be a girl?s best friend. Now, that friend is potentially worth a substantial amount of money back as a result of a multimillion-dollar settlement with diamond behemoth De Beers.
The company that controls a huge share of the rough diamond market has agreed to pay nearly $300 million in a price-fixing dispute.
Customers who bought finished diamonds might be able to get hundreds of dollars back.
De Beers, one of the largest diamond suppliers in the world, has agreed to give Americans money back as a result from a class action lawsuit against the company alleging antitrust violations.
John Maher, the plaintiffs' attorney, said the diamond leader violated the law.
"They controlled and monopolized the sale of rough diamonds and as a result merchants paid more than they should have for those stones," he said.
De Beers has not admitted to doing anything wrong in the $295 million settlement. An earmark of $135.4 million has been made for consumers who file a claim.
Consumers can download information online at the settlement Web site.
The diamonds could have been purchased from any jewelry store in the country between Jan. 1, 1994, and March 31, 2006.
According to the claims administrator, a consumer who purchased a $2,000 engagement ring would be entitled to a maximum of $640 back. However, consumers are warned not to count that money yet as the formula only takes into account the value of what a consumer purchased and how many people file claims.
For those eligible, the filing deadline is May 19.
http://www.msnbc.msn.com/id/22602012/*********************************************************
For those who are eligible, the settlement website is:
https://diamondsclassaction.com/
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