NOTICE OF CLASS ACTION SETTLEMENT

[denverappraiser]

My understanding is that they will total up the claims by all customers in each category. Some people will have bought $50k worth and others will have bought $1k things. They will then divide the total amount purchased into $135m to calculate how much of a refund is owed per dollar spent. Each customer will get that amount time times the amount they spent. I’ve no idea where the average is or even for sure if that’s the formula but the TOTAL amount to be paid to all consumer claims is $135m.

Who gets the leftover money? My guess would be the lawyers but possibly DeBeers. That’s who seems to be spending time and money to advertise and promote this and promote it to as many claimants as possible and I’m reminded of that old rule with questions like this.--- Follow the money.

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

 

[Iceman]

I had a customer who called and saw the
35% refund quoted in the paper. I told them to go to the
website and good luck. I also told him that the TOTAL
amount in the settlement pool is $295 million.
Now, figure 25% to lawyers, and then figure how many people
WORLDWIDE (not just the U.S.) bought a diamond in those
twelve years......uh maybe about 100 million people???? Can''t wait
to get my $2.95 check ?. Oh, and by the way,
guys like ME (jewelers) are also in on the settlement too.
Save the postage.

 

[strmrdr]

Date: 1/24/2008 6:02:34 PM
Author: Iceman

I had a customer who called and saw the
35% refund quoted in the paper. I told them to go to the
website and good luck. I also told him that the TOTAL
amount in the settlement pool is $295 million.

Now, figure 25% to lawyers, and then figure how many people
WORLDWIDE (not just the U.S.) bought a diamond in those
twelve years......uh maybe about 100 million people???? Can''t wait
to get my $2.95 check ?. Oh, and by the way,
guys like ME (jewelers) are also in on the settlement too.
Save the postage.

are you applying?

 

[orangemonster]

Date: 1/14/2008 6:02:47 PM
Author: 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?

Sorry for the late reply... the request for documentation popped up after I filled in the amounts of my purchases. You do not send the receipts ''online'', you must mail them to the address provided when the receipt request comes up.

 

[Garry H (Cut Nut)]

what if only 200 people apply because of the prevailing attitude?

 

[JRLitigator]

Believe me, the only people who make any real money from class action suits are the laywers. Someone mentioned 25% of judgement to lawyers, that seems a little low...figure at least 30%, but probably more. I would not hold my breath while waiting for my claim check!

 

[DiamondExpert]

Except for the big fish (sightholders), it''s much ado about nothing, I''m afraid - the press has been highly irresponsible in reporting on public expectations on this topic.

 

[DiamanteBlu]

Date: 1/18/2008 10:05:23 PM
Author: 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..

Thanks. [I just saw your post. I have been MIA for a while.]

 

[DiamanteBlu]

Date: 1/24/2008 4:14:02 PM
Author: denverappraiser
My understanding is that they will total up the claims by all customers in each category. Some people will have bought $50k worth and others will have bought $1k things. They will then divide the total amount purchased into $135m to calculate how much of a refund is owed per dollar spent. Each customer will get that amount time times the amount they spent. I’ve no idea where the average is or even for sure if that’s the formula but the TOTAL amount to be paid to all consumer claims is $135m.

Who gets the leftover money? My guess would be the lawyers but possibly DeBeers. That’s who seems to be spending time and money to advertise and promote this and promote it to as many claimants as possible and I’m reminded of that old rule with questions like this.--- Follow the money.

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

Yup. Follow the money. Sounds plausible to me!

 

[DiamanteBlu]

Date: 1/24/2008 6:02:34 PM
Author: Iceman
I had a customer who called and saw the
35% refund quoted in the paper. I told them to go to the
website and good luck. I also told him that the TOTAL
amount in the settlement pool is $295 million.
Now, figure 25% to lawyers, and then figure how many people
WORLDWIDE (not just the U.S.) bought a diamond in those
twelve years......uh maybe about 100 million people???? Can''t wait
to get my $2.95 check ?. Oh, and by the way,
guys like ME (jewelers) are also in on the settlement too.
Save the postage.

Oh, but there is "good" news. The settlement is only for people in the US. Hmmmm . . . noting that US retail diamond jewelry sales were hanging around the $34 billion mark in 2005 [according to MSNBC] let''s see some very rough arithmetic . . .
$30,000,000,000x10 years = $300,000,000,000 spent on diamond jewelry in the US
Now take the $135,000,000 less fees available from the settlemnt . . .
Well, you can do the rest of the arithmetic! Not pretty. Sigh.

[please note sarcasm]

 

[DiamanteBlu]

Date: 1/26/2008 7:15:01 PM
Author: DiamondExpert
Except for the big fish (sightholders), it''s much ado about nothing, I''m afraid - the press has been highly irresponsible in reporting on public expectations on this topic.

In the notices I got sightholders were excluded from all classes. Did I miss something? I''m too tired to fish out the docs right now.

 

[DiamanteBlu]

Date: 1/24/2008 6:48:53 PM
Author: orangemonster

Date: 1/14/2008 6:02:47 PM

Author: 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?

Sorry for the late reply... the request for documentation popped up after I filled in the amounts of my purchases. You do not send the receipts ''online'', you must mail them to the address provided when the receipt request comes up.

Gotta love consistency! LOL!

 

[DiamondExpert]

Blu - ya, you are probably right - I stand corrected and duly edit my copy to say, "big fish (non-sightholders)".

Also, I was trying to do some of the math and came up with your ~$300B over the period also, and have seen estimates from the trade that there are about 20,000 independents in the US each with ~1000 customers (I guess over 10 yrs - but some/many must be repeats). I don't know what the ave. diamond value/sale is, but I'm sure it's out there somewhere.

As you suggest, the #'s aren't consoling for the end user.

 

[DiamanteBlu]

Date: 1/26/2008 7:59:15 PM
Author: DiamondExpert
Blu - ya, you are probably right - I stand corrected and duly edit my copy to say, ''big fish (non-sightholders)''.

Also, I was trying to do some of the math and came up with your ~$300B over the period also, and have seen estimates from the trade that there are about 20,000 independents in the US each with ~1000 customers (I guess over 10 yrs - but some/many must be repeats). I don''t know what the ave. diamond value/sale is, but I''m sure it''s out there somewhere.

As you suggest, the #''s aren''t consoling for the end user.

Glad to be of help.

I think I''m going to file a claim for entertainment purposes. I''ll be surprised if I see a check at all even with my not insignificant expenditures!

Tell ya what, if I get a check I may be in a position to lend you 10 bucks should you need it! [another sad attempt at humor] LOL!

 

[SparkleRx]

I have been debating on whether or not to take the time to file for this. I do have about 7 pieces of jewelry (plus one significant purchase) that would qualify for the settlement. I know how class action suits work and am thinking I will not be getting much of a refund. But, I figure this would be money I would not otherwise have.

My question is - is there anything else we can do to get a refund? Is the only other option to get myself my own lawyer and file my own suit (something I am hardly interested in). I just know when you sign up for class action suits, you basically are signing your rights away for any future refunds. I thought maybe there was another route rather than splitting it with lawyers and a few million other people.

At first I thought I would have many more pices available for the suit, but I bought 15 more pieces 2-4 months *after* the deadline...grrrrrr.

 

[orangemonster]

Well, I did fill out the online form... cost me nothing but a few minutes of my time. If nothing materializes, I am no worse off than before. I figure it this way... if I were walking along the street and found a $10 bill, I''d be happy!

 

[Dee*Jay]

Just mailed them off (one for my items, one for items hubby has purchased). I hope I at least get the $10.76 back it cost me for the certified mail!

 

[CaptAubrey]

5000 views so far. I don''t expect we''re going to be getting much back.

 

[Lynn B]

Isn't today the day that the settlement was supposed to be announced?

 

[diagem]

Date: 4/15/2008 5:12:34 PM
Author: Lynn B
Isn''t today the day that the settlement was supposed to be announced?

Here ya go..., good memory...

De Beers Welcomes Ruling in Class Action Diamond Court Case

http://www.diamonds.net/news/NewsItem.aspx?ArticleID=21318

 

[Lynn B]

Thanks, DG... now what does that mean?!

And when will we know if we should GO SHOPPING?!!

 

[diagem]

Date: 4/15/2008 5:19:24 PM
Author: Lynn B
Thanks, DG... now what does that mean?!

And when will we know if we should GO SHOPPING?!!

"...The appeal and value of diamonds has never been higher. Diamonds are worth as much today - if not more - than they ever have been."

Any time..., be my guest...

 

[diagem]

Date: 4/15/2008 5:24:30 PM
Author: DiaGem

Date: 4/15/2008 5:19:24 PM
Author: Lynn B
Thanks, DG... now what does that mean?!

And when will we know if we should GO SHOPPING?!!

''...The appeal and value of diamonds has never been higher. Diamonds are worth as much today - if not more - than they ever have been.''

Any time..., be my guest...

The De Beers Anti-Trust Settlement: Winners and Losers

"...The last lines of their


press statement are worthy of a Pulitzer Prize for Press Statements – if there was such a thing. Writes Lynette: “The appeal and value of diamonds has never been higher. Diamonds are worth as much today - if not more - than they ever have been...”


“Members of the consumer subclass would receive less than $16.53 each under the proposed settlement,”


Read full article by Chaim Even Zohar: http://www.idexonline.com/portal_FullEditorial.asp

 

[Madam Bijoux]

I filed my claim for 12 items. I''m mailing the documentation of the purchases to them today. Is it true that every consumer can expect about $16.00 no matter how many things they bought or what they spent during the time frame?

 

[crown1]

bump. any news on this? thanks!

 

[partgypsy]

Hello I just read that the refunds were being postponed, possibly for years

because there are now appeals to how the monies will be distributed. Does anyone have any details about this?

 

[Madam Bijoux]

There isn''t anything about any new protest on the website. Here is a link to all the dates regarding the lawsuit:

https://diamondsclassaction.com/ImportantDates.htm