NOTICE OF CLASS ACTION SETTLEMENT

[DiamanteBlu]

Date: 1/13/2008 1:00:17 AM
Author: bebe
DeeJay, I filled it out. I think I remember if the piece/stone was over a certain dollar amount

(10,000,? can''t remember)you have to mail a copy of the receipt. And when you fill it out it asks

is the piece all diamonds or mixed with other stones. It was very easy and very fast.

Nope. No requirement for receipts at any price to file a claim.

 

[Madam Bijoux]

Has anyone filed an online claim yet? If so, did you get a confirmation number? I''m not sure whether to file on line or send my claim through registered snail mail. If I go through snail mail, I''ll probably have about 12 pages of claims forms

.

 

[DiamanteBlu]

Date: 1/14/2008 10:08:04 AM
Author: Madam Bijoux
Has anyone filed an online claim yet? If so, did you get a confirmation number? I''m not sure whether to file on line or send my claim through registered snail mail. If I go through snail mail, I''ll probably have about 12 pages of claims forms

.

I have not filed my claims yet but you do make an interesting point. I was going to file on line but now I am rethinking that. I''m thinking that sending the forms by FedEx, UPS or USPS with a signed return receipt requested would be the way to go. I don''t think registered mail is necessary since it is only paper and if it does not arrive you can just resend another copy.

 

[Madam Bijoux]

I think it would be too easy for them to "lose" claims that are filed on line (databases "accidently" deleted, etc). I''ll file through USPS and keep copies of the claim forms.

 

[WinkHPD]

Date: 1/11/2008 6:56:09 PM
Author: DiamanteBlu

Date: 1/11/2008 4:42:39 PM
Author: Gypsy
Interesting, my diamond was purchased in July of 2004. Wonder if I qualify. Will have to do more digging.

The dates for consumer purchases are 1/1/96 - 3/31/06.

Oh yummy. I can hardly wait for the onslaught of people wanting me to dig up their records so they can get ther $0.19* pro rata share.

I went to a new computer bookeeping program in July of 2000 and my old program is incompatible with Windows 2000 and later, I would have to find an old computer, install Windows 98, and then look for the records. Oh, and hope that my old backup tapes that contain this information are still viable, and of course, silly me, I will need to buy a player for those tapes, which I doubt are available anymore anyway. Sigh. I wonder, what would be a fair charge to each individual to cover this cost?

If each client were to receive hundreds of dollars it would be one thing, but I think there are going to be a lot of unhappy people trying to take advantage of this when they find out that their jewelers were only required to keep those records for 7 years, and that many of them no longer have them available. What a shame to cause this much work and unhappiness for the few pennies that the average person will receive.

Sigh, thanks attorneys, for messing up an already messy situation even further...

Wink

* I have no idea what the actual number will be, but this might actually be high.

 

[WinkHPD]

Date: 1/13/2008 9:48:26 PM
Author: DiamanteBlu

Date: 1/13/2008 1:00:17 AM
Author: bebe
DeeJay, I filled it out. I think I remember if the piece/stone was over a certain dollar amount

(10,000,? can''t remember)you have to mail a copy of the receipt. And when you fill it out it asks

is the piece all diamonds or mixed with other stones. It was very easy and very fast.

Nope. No requirement for receipts at any price to file a claim.

That''s good to hear, I have already had a couple of requests and I know of several other jewelers who have had dozens of request talking about what havoc it is creating with their time talking about it on Polygon. There may be some money for people, but the more who file, the less for each and the winners are the attorneys who are milking this for every thing they can get.

Wink

 

[musey]

My question is: will this inevitably have an effect on future diamond/gemstone prices?

 

[DiamanteBlu]

Wink -

They sent me the claim form for the "Indirect Purchaser Reseller" subclass and I just noticed that receipts are not required to file a claim here either. But, you'd better have the records to support your claim available if they decide to audit you. As a reseller if you can't produce them on request they will bounce you.

I expect the same thing is true of the consumer class but they are less emphatic in the instructions about bouncing people that can't produce documentation on request.

I would suggest that you not go fishing for your copy of the paperwork that your customers tossed. That, right now in an unnecessary waste of your time. I would tell the consumers to fill out the form as best they can. If they are eventually audited you can then worry about unearthing paperwork for them - for a fee, of course if it gets ridiculous. [IMHO they should not have tossed the paperwork to begin with if the piece is of any significance! Did they not need it for the insurance company?]

ETA They won't pay out if the amount is less than $10. That should weed out most of the smaller purchasers [who threw out their receipts, LOL!

]

 

[DiamanteBlu]

Date: 1/14/2008 12:47:13 PM
Author: musey
My question is: will this inevitably have an effect on future diamond/gemstone prices?

I doubt it. During my recent shopping trip to NYC I kept hearing diamond prices going up noises.

 

[orangemonster]

FYI - when I filled out the online claim form (they gave a receipt for me to print out with a claim number to avoid loss) they did have a requirement to send in receipt copies for any purchases over $10,000.

 

[orangemonster]

Date: 1/14/2008 10:08:04 AM
Author: Madam Bijoux
Has anyone filed an online claim yet? If so, did you get a confirmation number? I''m not sure whether to file on line or send my claim through registered snail mail. If I go through snail mail, I''ll probably have about 12 pages of claims forms

.

You do get a claim number you can print out and keep if filing online.

 

[DiamanteBlu]

Date: 1/14/2008 5:05:54 PM
Author: orangemonster
FYI - when I filled out the online claim form (they gave a receipt for me to print out with a claim number to avoid loss) they did have a requirement to send in receipt copies for any purchases over $10,000.

Interesting. Where did it pop up? It is nowhere to be found in the paper instructions and claim forms for consumers or either direct or indirect resellers.

Here is the link to the consumer claim form. In the instructions it states:
"IT IS IMPORTANT TO FOLLOW THESE INSTRUCTIONS CAREFULLY OR THERE MAY BE A DELAY IN PROCESSING YOUR CLAIM.
1. You are eligible to make a claim for a payment from the Consumer Subclass Settlement Fund if you were a resident of the United States on October 1, 2007, and you purchased in the United States or for delivery to the United States, one or more gem diamonds or one or more pieces of jewelry or other item containing a gem diamond, for yourself or for a gift for someone else, and not for resale, between January 1, 1994 and
March 31, 2006. As used here, the “United States” means the 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
2. Your diamond or diamond jewelry purchase qualifies if you purchased it from any person or business other than De Beers, any of De Beers’ mining competitors (such as Alrosa, Rio Tinto or BHP Billiton) or one of their affiliates (defined as a company related by shareholder interest of 25% or more). A purchase made in the United States or for delivery to the United States from any other entity, such as a purchase made from a jewelry store or an internet retailer, makes you eligible to participate in the Consumer Subclass Settlement Fund.
3. If you need any help to determine whether you are eligible to submit a consumer claim, please contact the Claims Administrator at 1-800-760-5431 or email [email protected].
4. If your purchases fit the above criteria, complete the attached Claim Form, or fill in the Consumer Claim Form online. You do not need to submit proof of your purchase(s) with your Claim Form. However, you may need to send documents to the Claims Administrator to prove your purchase(s) if the Claims Administrator requests them. Therefore, keep any documents you have that show proof of your purchase(s), such as a receipt, invoice, credit card statement, insurance statement, appraisal, certificate or any other documents showing the diamond’s or the diamond jewelry’s cut, clarity, color, number of carats, authenticity or the person or business from whom the diamond or diamond jewelry was bought."
. . .
"CHECKLIST:
Please make sure you have:
1. Signed the Certification above.
2. Kept any documents evidencing your purchase(s).
3. Kept a copy of the completed Claim Form for your records.
4. E-filed or mailed your claim on or before May 19, 2008.
5. Sent your Claim Form by Certified Mail (return receipt requested) if you want proof that your claim was received.
Mail Claim Form to:
Diamonds Claims Administrator
P.O. Box 9432
Minneapolis, MN 55440-9432"

Here is the claim form for indirect purchasers [resellers].
"III. CLAIM FORM AND INSTRUCTIONS
Please type or neatly print all requested information. File only one claim for all of your affiliated companies. A company is affiliated if it is owned in whole or in part by the same entity, is part of the same corporate structure, or reports consolidated income for tax reporting purposes.
By signing this Claim Form, you are verifying that you have business records to support your claim and agree to provide additional information to Plaintiffs’ Counsel, the Claims Administrator, or the Court to support your claim. Consequently, you are required to keep copies of purchase orders, invoices, checks or other documentation of your purchases in case further verification of your claim is necessary. Failure to supply requested information to the Claims Administrator may result in the rejection of all or part of your claim.
By signing the Claim Form you are also verifying that you have not submitted any other claim for the same purchases of Diamond Products during the Class Period, have not authorized any other person or entity to do so, and know of no other person or entity having done so on your behalf."

And here is the claim form for direct purchasers [resellers].
"III. PROOF OF PURCHASES
Describe the documents that establish the purchases listed, such as invoices, bank statements and/or bookkeeping records. You may be required to produce these records to substantiate your claim."

 

[DiamanteBlu]

And from their FAQ:
"18. Do I need to send in proof of my diamond purchases when I submit my claim? (top)

No. You do not need to send in documents proving or describing your purchases, but you must keep all records of purchases. You could be asked to supply documents proving your purchases after your Claim Form is received and reviewed. "

https://diamondsclassaction.com/FAQ.htm#18

So, I wonder what's up with their online form? And how is it that you are to submit your paperwork via the on line form?

 

[DiamanteBlu]

Sorry to be so anal about this but inconsistencies drive me nuts! This is from the online instructions!

"4. If your purchases fit the above criteria, complete the attached Claim Form, or fill in the Consumer Claim Form online. You do not need to submit proof of your purchase(s) with your Claim Form. However, you may need to send documents to the Claims Administrator to prove your purchase(s) if the Claims Administrator requests them. Therefore, keep any documents you have that show proof of your purchase(s), such as a receipt, invoice, credit card statement, insurance statement, appraisal, certificate or any other documents showing the diamond’s or the diamond jewelry’s cut, clarity, color, number of carats, authenticity or the person or business from whom the diamond or diamond jewelry was bought. "

https://diamondsclassaction.com/secure/Instructions.aspx?AC=yes

 

[Lynn B]

Hmmmm, I got the same loud and clear "paperwork needed because purchase price was over $10K" message. So if I want to qualify, I need to send in paper documentation of my stone. Which I plan to do!

 

[MichelleCarmen]

Date: 1/13/2008 9:41:51 PM
Author: DiamanteBlu

Date: 1/12/2008 11:55:07 PM
Author: Rank Amateur
If I''m reading it correctly, the Consumer portion is earmarked at $135M minus 25% lawyers'' windfall. This amounts to about $100M to the consumers. The thing I can''t begin to guess is how many qualifying claims they will have. Say they have over $1B in claims you might get 10% on of your qualifying purchases, which might be 40% of the purchase price. Even 4% on a $5000 diamond is $200. Not bad for filling out an online form.

I suspect the lawyers'' windfall will be larger than 25% plus there are other fees. Don''t forget to apply the recognized claim percentage which ranges from 6% to 59% of the retail price [appendix B]. A $5000 diamond''s max payout is $5000x59% [the recognized claim percentage] which is $3350. Then you apply the 4% to that for a whopping $134 assuming I did the arithmetic right!

So, you''re saying a person only gets 4% of the 59%? I bought one loose stone during the time and also a pair of studs, but only have the paperwork for the loose stone. I plan to file, but am not sure if I should file the earrings too since I can''t verify them.

I told my husband I''d split the money with him and he could buy a snowboard w/his share! He was a bit skeptical and said, "lets just wait for the check!"

 

[Rank Amateur]

Date: 1/14/2008 8:00:55 PM
Author: MC

Date: 1/13/2008 9:41:51 PM
Author: DiamanteBlu

Date: 1/12/2008 11:55:07 PM
Author: Rank Amateur
If I''m reading it correctly, the Consumer portion is earmarked at $135M minus 25% lawyers'' windfall. This amounts to about $100M to the consumers. The thing I can''t begin to guess is how many qualifying claims they will have. Say they have over $1B in claims you might get 10% on of your qualifying purchases, which might be 40% of the purchase price. Even 4% on a $5000 diamond is $200. Not bad for filling out an online form.

I suspect the lawyers'' windfall will be larger than 25% plus there are other fees. Don''t forget to apply the recognized claim percentage which ranges from 6% to 59% of the retail price [appendix B]. A $5000 diamond''s max payout is $5000x59% [the recognized claim percentage] which is $3350. Then you apply the 4% to that for a whopping $134 assuming I did the arithmetic right!

So, you''re saying a person only gets 4% of the 59%? I bought one loose stone during the time and also a pair of studs, but only have the paperwork for the loose stone. I plan to file, but am not sure if I should file the earrings too since I can''t verify them.

I told my husband I''d split the money with him and he could buy a snowboard w/his share! He was a bit skeptical and said, ''lets just wait for the check!''

That''s what I wrote, but I don''t really have any idea how it will work. In the end it all depends on how many claims are filed. The more claimants, the lower everybody''s percentage will be. It can''t hurt to file and see what portion of the $100M comes your way.

As for pricing, stones are currently going for about what I paid seven years ago. Seems like prices were artificially high back then.

 

[MichelleCarmen]

Yep, prices were higher for me too as I checked similar stones at the same shop I purchased my stone and the prices are lower there! What a bummer. We should lock up this thread so nobody else finds out about the suit and takes part of the share of our money!!!

lol

(so there goes the 2 ct tennis bracelet I had planned to purchase with my check!

)

 

[DiamanteBlu]

Date: 1/14/2008 8:19:51 PM
Author: MC
We should lock up this thread so nobody else finds out about the suit and takes part of the share of our money!!!

lol
(so there goes the 2 ct tennis bracelet I had planned to purchase with my check!

)

LOL! I thought of that before I posted. I wasn''t sure I should! Well, there goes that 29 carat D FL cushion from the other day!

 

[DiamanteBlu]

Date: 1/14/2008 6:49:29 PM
Author: Lynn B
Hmmmm, I got the same loud and clear ''paperwork needed because purchase price was over $10K'' message. So if I want to qualify, I need to send in paper documentation of my stone. Which I plan to do!

I went in and got the same thing. So what''s the point of filing a claim on line and then mailing copies of the paperwork? It just gives them one more reason to lose stuff.

It is amazing to me that they can''t get their story straight with the instructions! Are the instructions wrong and the software correct or are the instructions correct and the software wrong! Gotta love consistency!

If I am feeling masochistic tomorrow I may try to call the claims administrator to see what the deal really is. ROTLF!

 

[Dee*Jay]

OK, I went to the safe deposit box today and brought home a stack of receipts and such to get this ball rolling. Now I have a slew of stupid question...

If I bought something as an example for $20K and got $5K in credit due to trading-in another stone, what amount do I claim? I would think it would be $15K (especially since the stone that was traded is being claimed separately), right? But the receipt is very confusing and I wouldn''t even be able to figure it out if it wasn''t my transaction and I remember the detials.

What about jewelry with diamonds and pearls? Are pearls considered like gemstones for purposes of this exercise?

What if I had a sapphire and had a jeweler source two matching side stone and make a platinum mounting--what do I claim? The cost of the diamonds is broken out from the cost of the setting itself (and I had the sapphire from before) so I do I just claim the stones?

Would a copy of a check suffice for a receipt?

I assume tax is not included in the amount paid, right?

This little exercise has shown me two things: My appraisals are woefully out of date, and DAMN, *!jewelry!*, that''s where all the money went!!!

 

[DiamanteBlu]

Date: 1/18/2008 7:19:53 PM
Author: Dee*Jay
OK, I went to the safe deposit box today and brought home a stack of receipts and such to get this ball rolling. Now I have a slew of stupid question...

No question is stupid.

If I bought something as an example for $20K and got $5K in credit due to trading-in another stone, what amount do I claim? I would think it would be $15K (especially since the stone that was traded is being claimed separately), right? But the receipt is very confusing and I wouldn't even be able to figure it out if it wasn't my transaction and I remember the detials.

I would claim the $20k. It should not matter how you paid for it.

What about jewelry with diamonds and pearls? Are pearls considered like gemstones for purposes of this exercise?

I would put them as mixed gem stone.

What if I had a sapphire and had a jeweler source two matching side stone and make a platinum mounting--what do I claim? The cost of the diamonds is broken out from the cost of the setting itself (and I had the sapphire from before) so I do I just claim the stones?

I would claim the cost of the diamonds.

Would a copy of a check suffice for a receipt?

I would think so.

I assume tax is not included in the amount paid, right?

Correct. But if you are owed money then the amount you paid in sales tax should be reduced accordingly.

This little exercise has shown me two things: My appraisals are woefully out of date, and DAMN, *!jewelry!*, that's where all the money went!!!

LOL!

 

[Dee*Jay]

DiamanteBlue, you are a SAINT! Thank you so much for wading through all my questions and providing answers. Sometimes I get too spun up over things like this. You should have seen me back when I still did my own taxes, LOL...

 

[denverappraiser]

By all means file. It costs nothing and doesn’t even take much time - less than it takes to read through this thread but don’t base your retirement on it. If 10 million people file, which seems entirely reasonable given the amount publicity surrounding this, the ‘average’ consumer will see $13 less the lawyers cut.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[JohnQuixote]

Andrey - can we pin this to the top of RT for a while? (will email you too)

 

[metro]

So what about custom work? I had a new setting made for my ering and it cost around $800. Do I just the cost of the diamonds? I''m not sure how to figure that out....

 

[denverappraiser]

Date: 1/24/2008 10:40:19 AM
Author: metro
So what about custom work? I had a new setting made for my ering and it cost around $800. Do I just the cost of the diamonds? I''m not sure how to figure that out....

The settlement includes purchasers of ‘diamond jewelry’ so claim the whole thing if what you bought included diamonds. If you supplied the diamonds and all you bought was metal and labor than you would not be eligible for this particular item.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[denverappraiser]

Date: 1/24/2008 9:24:29 AM
Author: denverappraiser
By all means file. It costs nothing and doesn’t even take much time - less than it takes to read through this thread but don’t base your retirement on it. If 10 million people file, which seems entirely reasonable given the amount publicity surrounding this, the ‘average’ consumer will see $13 less the lawyers cut.

Neil Beaty

GG(GIA) ICGA(AGS) NAJA

Professional Appraisals in Denver

And they won''t pay at all if the amount owed is less than $10.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Jewelry Appraisals in Denver

 

[Dee*Jay]

Date: 1/24/2008 9:24:29 AM
Author: denverappraiser
By all means file. It costs nothing and doesn’t even take much time - less than it takes to read through this thread but don’t base your retirement on it. If 10 million people file, which seems entirely reasonable given the amount publicity surrounding this, the ‘average’ consumer will see $13 less the lawyers cut.

Neil, is there a dollar amount of purchases associated with the term "average consumer"?

And if most people are getting $13 less the lawyer''s cut, I imagine the majority of payouts will then be reduced to less than $10 after the attorneys get paid. Given that they aren''t cutting checks for less than $10 what happens to all the $$$ that doesn''t get paid out?

 

[Lynn B]

Date: 1/24/2008 1:41:24 PM
Author: Dee*Jay

And if most people are getting $13 less the lawyer's cut, I imagine the majority of payouts will then be reduced to less than $10 after the attorneys get paid. Given that they aren't cutting checks for less than $10 what happens to all the $$$ that doesn't get paid out?

My question exactly, DJ!!!