Bought a diamond? Get money back!

January 14, 2008 2:54:55 AM PST
Diamonds may be a girl's best friend and if you bought one in the last 14 years, you maybe getting some money back. And it does not matter if the diamond was on a ring or watch, or even a necklace. This is part of a class action lawsuit against the De Beers corporation, the company is not admitting to doing anything wrong, but has agreed to set up a multimillion dollar fund to reimburse consumers who bought diamonds.

You do not have to tell Casey Krause just how expensive diamonds can be.

"We just got married a couple of years ago and let me tell you, for that little bitty rock it was like $2,000," said Krause

But virtually everyone else who bought a diamond in the last 14 years may be able to get some of that money back.

Most consumers do not know about the diamond class action lawsuit involving the De Beers corporation. It alleges that De Beers monopolized the supply of diamonds, conspired to fix prices and issued false and misleading advertising.

While De Beers admits to no wrong doing, a settlement has been reached that sets aside more than $135,000,000 for consumers who bought diamonds from January 1994 to March of 2006.

You are eligible to file a claim even if the diamond you got was not from De Beers.

University of Houston Law Professor Richard Alderman says, "If you have bought a diamond, in the relevant period, any kind of diamond jewelry, I think it is worth looking at the web site and filling in the form."

You have to submit a claim form to get money back. The amount consumers will get depends on the purchase price and something else.

"They are not sure how many people are going to ask for money and how much money they are going to pay out, so in this lawsuit for example how much money you get actually depends on other people as how much money you spent," said Alderman.

The more people who fill out a claim, the less each individual will get back. Consumers have until May of this year to file a claim. If you want to participate, click here.

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