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Update: De Beers Diamond Settlement Checks In the Mail for Dealers Print Email
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Tuesday, 21 August 2012 10:46
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Update: De Beers Diamond Settlement Checks In the Mail for Dealers

By Kimberly Mirando

 

De Beers settlement

 

UPDATE: Consumer checks may be months away.

 

Good news for those waiting to get a check from the De Beers diamond class action lawsuit settlement: on August 10, 2012, a New Jersey federal court gave the green light to allow the first checks to be mailed to the Indirect Purchaser Reseller Subclass, which includes most jewelers and diamond dealers.

According to the De Beers settlement administrator, Rust Consulting, 7,862 claim forms were received and processed from the Indirect Purchaser Reseller Subclass. Of those, 1,672 were not eligible to participate in the class action settlement, leaving a total of 6,190 eligible claimants.


The Indirect Purchaser Reseller Subclass will be allocated over $110.8 million, including interest. This amount may be reduced pending any future administrative and escrow fees.

The court ruled that claimants whose total payment would be $25 or less will not receive a payment, Rust said. Around 135 claims fell into this category.

So how will you receive your money from the De Beers diamond class action lawsuit settlement? Payments will be divided into two distributions: claimants will receive approximately 85 percent of their payout during the initial distribution and 15 percent during the second distribution – unless the second amount falls below $25. In that case, claimants will receive their payments in full during the first distribution.

Some diamond dealers who bought directly from De Beers or its competitors are also included in the Direct Purchaser Class. No official word has been given on when payments in this Class will be distributed. However, we’ve heard rumors that consumer checks may be mailed by the end of the year. Once a date is confirmed, we’ll pass it on.

Keep checking Top Class Actions for the latest updates on the De Beers diamond class action lawsuit settlement.
 

 

 

Updated December 6th, 2012

 

All class action and lawsuit news updates are listed in the Lawsuit News section of Top Class Actions

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Last Updated on Thursday, 27 December 2012 11:09

Comments   

 
#65 Rosie 2013-05-21 07:26
It is not fair. If you owed the money they would be charging you interst on it. It's about time to settle. Plus they really don't give you any answers. They just say it will be coming. But so is Christmas, and a few of them have passed since this was suppose to be settled.
 
 
#64 Dave z 2013-04-24 17:38
Does any one out there have an update on when the consumer class checks will go out...this thing just goes on and on with no information for us.
 
 
#63 Mary 2013-04-17 13:27
Did you hear about Rust Consulting and the Independent Foreclosure Review? They are the ones sending out the checks to people who were put into foreclosure fraudulently by some of the really big banks. Anyway in the first round of checks, some of them were not honored at deposit. Kinda makes you wonder about Rust.
 
 
#62 honny bobo 2013-04-06 22:45
think of all the money that might be left over from people that have moved and or died or moved over seas gone to jail or what ever
 
 
#61 Marion P 2013-04-01 14:38
After all this time, why haven't we heard anything or received a check. According to the claim we filed, we are to receive a settlement but haven't heard anything as of today. This is so frustrating.
 
 
#60 Judy 2013-02-21 13:17
agreed MIke #52 Mike 2012-11-28 10:54
Why would the dealers get any money? They passed their costs on to us, the consumer!
 
 
#59 Judy 2013-02-21 13:16
Better not be $10....if it is...then the indirect people should be paying us back a portion of what they received as their customers being doubly charged for diamonds.
 
 
#58 mark 2013-02-11 10:43
Here are the two recent emails, I sent and there answers.
When will consumer payments be going out?

Regards,
Mark

First response: The Claims Administrator is conducting final claim audits. We anticipate that the distribution of settlement funds to other subclasses will take place in early 2013.



Thank you,

Diamonds Claims Administrator
Second email to them;

Does this mean first quarter of 2013? Or sooner?

Sent from my iPhone



On Jan 31, 2013, at 2:34 PM, "diamondsclassa ction" wrote:
Reply form them:
Early 2013 is the information we have been provided with.



Thank you

Diamonds Claims Administrator
Summary they don't know
 
 
#57 Adam 2013-01-04 13:03
"After investment of over 100k, no check yet, no one knows a thing and its' frustrating at best."

I always wonder why people would invest in diamonds. It's not like gold that has a melt value. If you want to buy gold, you pay the spot price. If you want to sell gold, you sell it at spot.

With diamonds, a retailer buys it and marks it up 100%. Then sells it to you. If you want to sell it, you either have to find a buyer or take a dealers offer which is typically half of what he would sell it for.

If you have access to the wholesale market and retail contacts, diamonds can be a good business. But as an investment, there are better ones.
 
 
#56 moebetter 2012-12-06 21:13
Hey everyone if you google debeers class action this website Topclassaction posted an update today that said consumer checks could be around 2 months away. Not exactly what everyone wanted to hear but better than the update the diamond classaction website that hasn't been updated for almost 6 months. Wish it was better news but at least it is something.
 
 
#55 Denise Cataldo Robertson 2012-12-05 13:58
After investment of over 100k, no check yet, no one knows a thing and its' frustrating at best.
 
 
#54 Billisanidiot 2012-12-05 03:32
Bill, you're are, so full of the brown stuff.
 
 
#53 studmonkey76 2012-11-29 00:58
Bill, why do you keep posting the same bs over and over? no one has got any checks other then dealers...
 
 
#52 Mike 2012-11-28 10:54
Why would the dealers get any money? They passed their costs on to us, the consumer!
 
 
#51 Andrea 2012-11-27 21:19
Thanks, Bill...At least we can all maybe wake up from our fantasies now. : ( I was really hoping for the $5,000 as insinuated. Reminds me of a job I once had.
 
 
#50 alley 2012-11-27 00:24
They are leaving the consumer class open so it will create more people that get less than $10.00 so they can put the money in their pocket( other things look at dags comment above)They pay these the last day of the month so they can put the interest in their pocket. Claims upto this year are being allowed(see dealers settlement notes). If they ever were going to let us having something--they sure are not going to allow us to get anything now.
 
 
#49 Mary in Everett 2012-11-26 21:09
I spent a great deal of cash for diamonds during the time frame to file (just a coincidence for sure...and I have my proof all ready to show...if they ever ask...fat chance!!) but I would hope I could get more than $10 back from all this. What a fiasco! we'd all been better off not knowing anything about it to begin with! Don't get your hopes up People. Perhaps enough to buy a McD's burger! ? Or a cup of hot coffee...It's been one big joke!
 
 
#48 Bill 2012-11-25 20:38
Forget it kids, got check for $56.33 on claims of over $40,000.
 
 
#47 jeff 2012-11-24 23:33
It would nice just to know if they have gone to court for approval of consumer class. It would be nice to know how many claims they are going thru( if they are handling thousands or millions we would understand the delay). It's coming up on three months since dealers--- all we all want is a little information.
 
 
#46 mgw 2012-11-20 18:11
Sure would be nice to see a check before this christmas. Hmmm seems the big wheel of justice needs lubed before sticking to the consumer... If business understood the customer drives up their business, they might do right by the customer. But as long as we the consumer keep buying from them the way they do business, what incentive do they have to change???? We do it to ourselves!!!!
 
 
#45 mary 2012-11-16 13:06
Why can't you call these people anymore? The court gives them money for phone lines and help to talk to people. Is all the money gone along with them? This company really always seemed to be in with the dealers.
 
 
#44 art 2012-11-14 22:57
Sorry ester they are out of town enjoying the money that they got for cutting checks for the dealers. Maybe after they get their second check-- maybe they will take some time to look at the consumer accounts. They are really getting tired of these annoying posts. Maybe by july you might see something.
 
 
#43 ester 2012-11-13 11:08
Can someone provide the #800.. All I get is a recording from 2006.
 
 
#42 jeff 2012-11-12 23:34
I hope they are not letting ANYONE ELSE TO file claims. Why haven't they gone back to court for approval.
 
 
#41 DAG 2012-11-11 05:01
If a Direct Purchaser claim is less than $10, then they will not issue a check.... Section 19b... "Once all recognized claim amounts have been computed and verified, the distribution to all eligible claimants will be made pro rata.." "There is also the possibility that the pro rata computation for some claims will result in payments of under $10.00, which are too small to process because of the administrative cost of distributing checks. Those claimants will not receive any payment." Ther efore the more claimants they allow after the deadline, will decrease the pro rata claim for all participants, by operation of law they will keep more money from the settlement for other purposes. FYI
 
 
#40 moebetter 2012-11-08 17:43
I am really getting sick and tired of the fact that they can't give an update or a time frame. It isn't about the money it is about the principal. I have never expected much however I do expect a courtsey of regular updates. They are still saying a few months and that is from the August 21 date. What a bunch of morons.
 
 
#39 jeff 2012-11-08 00:38
Beth you are crazy!!! You and every other consumer probally see 2% at best. Keep dreaming.
 
 
#38 Beth 2012-11-06 18:09
I think consumers will get a good payout when the checks actually arrive. I purchased about $110K worth of jewelry with diamonds and in that amount, three solitaire diamond rings that were over 10K. I am expecting the the 59% of the retail for those three rings alone. I am very positive about this. Call me crazy.
 
 
#37 Mary 2012-11-06 13:17
Did anyone get an email regarding this suit? I got one that indicated no updates yet.
 
 
#36 jeff 2012-11-04 19:46
It used to be you only had to worry the lawyers taking all the settlement money NOW you have to worry about the company that does its claims processing. They are getting a chunk of settlement money to process claims. They are getting big bucks to mess over us.
 
 
#35 scott 2012-11-01 14:43
It is someone ironic that the party who held up the lawsuit for years is the first one paid and the consumers who sat patiently waiting have to wait many more months for what will probably be a letter stating their claim does not fit the minimum amount to cut a check. We all know that letter is coming.
 
 
#34 Josh 2012-11-01 04:57
Been two months without any updates. What is (or not) going on please?
 
 
#33 jeff 2012-10-30 01:23
consumers need their money in this bad economy. Court pays you to process claims--so why does it take so long?
 
 
#32 jack 2012-10-26 18:37
It doesn't take that much effort to push a button on the computer and the checks come out. STOP STALLING _BEEN LONG ENOUGH!!!!!!
 
 
#31 Sandee 2012-10-24 02:52
I filed a claim in 2005. It's been so long, I've moved twice. Each time I email in a change of address & I have received a confirmation back. Never received anything when I sent in my claim. How do I really know they haven't lost me? It's been 7 years!
 
 
#30 jeff 2012-10-22 23:29
Aug 31st debeers web site says checks will be out in couple of months. If they are not sending checks out until dec or jan then they need to update the web site. These people that answer phone read from scripts and usually don't know what they are talking about.
 
 
#29 Andrea 2012-10-20 13:41
Thank you for the update that we might not see a $5 check til Dec or Jan. Watch.....we'll all ope the mail on Dec 26th to find a little bumper that would have helped us through a ridiculously frivolous season!
 
 
#28 Babaloo 2012-10-20 13:39
Mary: Oooopsi!!! So sorry! I menat to reference to poster "Patricia" above your name. My bad. So sorry! they won't allow me to delete a comment.
 
 
#27 Mary 2012-10-20 11:10
Babaloo, can't use your real name and need to hide it?
 
 
#26 jeff 2012-10-20 01:16
If Debeers want some of their money back they need to make sure consumers get their payout in Nov so they can buy diamond products for christmas.
 
 
#25 Bill 2012-10-18 10:25
Luv the name, alpha bitch.
 
 
#24 Alpha Bitch 2012-10-17 16:59
Fred stated "Maybe consumers need to file lawsuit" And wait another 4-5 years. I don't think so!!!!! Then again, you don't miss what you never had (settlement $$$). :)
 
 
#23 Fred 2012-10-16 23:59
Maybe consumers need to file lawsuit over being taken advantage of after business got sent checks the first week of sept. EVERYONE SHOULD HAVE GOTTEN CHECK AT SAME TIME.
 
 
#22 RobO 2012-10-16 15:58
December or January! Great, now I can use it to help pay of the jewelry I am going to buy for Christmas.
 
 
#21 moebetter 2012-10-16 12:12
According to the girl at the 800# today consumers won't see their claims paid til Dec or Jan. So sad how poorly this has been handled.
 
 
#20 leroy 2012-10-16 00:23
I would have thought that the dealers claims would take the longest to figure out because of the inventory they carry. The consumer class might have just a few pieces? Mostly engagement ring. The longer they drag this out the more of the settlement money this company gets from court.(Rust for processing claims etc)
 
 
#19 moebetter 2012-10-15 23:07
This is really a big joke that consumers have no info on when they are getting their checks or really if they are getting checks. Calling the 800 number is a waste of time. It is always the consumer that gets screwed anyhow.
 
 
#18 jeff 2012-10-11 23:32
Wish they hire enough people to process checks faster. Hope consumer checks come out soon. Anyone have any more info?
 
 
#17 Babaloo 2012-10-11 12:18
Sounds like Mary is th eone that needs to get a life. "Pay me, pay me, pay me" -or I'll stomp my feet some more until my next welfare check arrives.
 
 
#16 Andrea 2012-10-11 12:10
William B: Are you sure it was a check regarding the Debeers settlement? Maybe it was for the Diamond Walnut Company?
 
 
#15 Jeff 2012-10-11 11:04
William B dealer checks were received first week sept.--you didn't recieve no check yesterday. Good try-- get a life.
 
 
#14 William B 2012-10-10 11:37
Submitted $64,000 in loose diamond claims, rec'd check yesterday for $74.27. What an insult. The lawyers won again friends.
 
 
#13 Fred 2012-10-10 11:13
Time to pay up !!!!
 
 
#12 Mary 2012-10-10 09:35
What I want to know is why the consumers didn't get payout first! WE are the ones who were screwed the most in the end, and have the most to lose financially! Why don't the lawyers or the courts publish accurate dates for the checks to be sent out, why do they feel the need to keep us in the dark?????
 
 
#11 patricia 2012-10-08 19:19
It's just been a lawyers payoff. When do we get what is ours? We overpaid not knowing. I just want what belongs to me. And I want it now. I waited long enough......... .
 
 
#10 bum 2012-10-08 15:06
Why did these dealers all of a sudden be allowed to file claims after the deadling??? we who did it right got it up the butt again.
 
 
#9 Andrea 2012-10-04 11:46
Yes, an update by any direct purchasers would be welcome here!!
 
 
#8 jeff 2012-10-03 23:46
I hope the business people enjoy their checks while the consumers that they took advantage of sits and waits for their piece of the pie. Never seen one group of people get a check while other still on hook. Everyone should have gotten a check at the same time.
 
 
#7 brian j 2012-09-29 10:36
updaes please
 
 
#6 brian 2012-09-29 10:35
updates
 
 
#5 brian 2012-09-29 10:34
updates
 
 
#4 Jerry 2012-09-21 02:06
So the every day consumer will get screwed again! I'll believe it when I see it. This has been going on for years so any money will be in the lawyers pocket as usual. What if you have moved since filling?? 32% if you spent $1000-$5500. I heard $600 max if you spent over $2,000. Only time will tell what"s a few moer years
 
 
#3 Diane 2012-08-31 11:32
Diana, this is regarding the resellers payments, not the consumers. What consumers get is (supposedly) based on a percentage of what each item the purchased cost them. CONSUMER DIAMOND PRODUCT TABLE Item Mixe d Stones Jewelry Less than $200 = 6% of the retail price Mixed Stones Jewelry $200 or more = 14.5% of the retail price Diamonds Only Jewelry Less than $200 = 10.5% of the retail price Diamonds Only Jewelry $200 - $999 = 27.5% of the retail price Diamonds Only Jewelry $1,000 - $5,499 = 32% of the retail price Diamonds Only Jewelry $5,500 - $9,999 = 38.5% of the retail price Diamonds Only Jewelry $10,000 or more = 45% of the retail price Loose Diamonds any and all = 59% of the retail price At least that is what the website says in the Appendix B of the Notice of Proposed Settlement
 
 
#2 Diana 2012-08-31 06:34
So the consumers who bought and spent $$ will probaly get nothing - thats great we spent over 100 thousand got ripped off and will probaly see nothing...or I can expect a check for whole $25 cann't wait to get it, cash it, spend it on a scratch ticket....Wow that's all I can say...
 
 
#1 mark G 2012-08-30 16:35
110 million for 6000 claimants in the reseller class. It will be intersting to see how they decided on who got what. Some of the resellers were undoubtedly Tiffany, Cartier, etc.They may have sold 50 million or more US, while the average jeweler sold a few million during the period. This is going to be interesting to see what you will get. We will know very soon.
 

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