Jan 21, 2008 6:20 pm US/Eastern
Diamonds Are Forever, But The Price May Not Be
HOUSTON (CBS4) ―
They say diamonds are forever, but the price you paid for you rock may not be.
Millions of Americans who bought diamond rings or jewelry could receive a rebate thanks to the pending settlement of a class-action lawsuit against De Beers.
The suit accuses the diamond company of price-fixing and monopoly practices. Former customers could get refunded 30 percent or more of the price they paid.
However, you are eligible if you purchased the diamond between 1994 and early 2006 and have the receipt or other proof of purchase.
Notices of the proposed class-action settlement, which must still be approved by a federal judge in New Jersey in April, began appearing in national newspapers and magazines this month.
Buyers have until May, 19 to file a claim click here or click De Beers to learn more about the settlement.
De Beers put out a statement in their website:
De Beers has settled a class action law suit in the United States. While we don't accept the allegations, we do believe that settling this suit is in the best interests of our clients, our shareholders and consumers. We have made the decision to put this matter behind us because we believe resolving it will allow us to focus on building De Beers' future, maintain and grow our reputation as a leader in the luxury goods sector, and most importantly, protect consumers' confidence in their diamond purchases.
The $295 million settlement is a significant sum for De Beers, but we feel that it is a sum worth spending to maintain consumer confidence in diamonds. Consumers will begin seeing advertisements in the coming days and weeks on how they can file a claim.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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