De Beers To Reimburse $295 Million For Diamonds Bought in 1994-2006
The grope behind the Diamond Class Action Settlement website urged diamond people to participate in claiming refunds amounting to $295 million in a class action settlement from De Beers, the world’s largest diamond seller.
Anyone who may have purchased diamonds from January 1, 1994 to March 31, 2006 are entitled to reimbursement. Direct buyers are urged to visit there web site to file an online claim before May 19, 2008.
In 2001, De Beers had a lawsuits for monopolizing the diamond market through price fixing, controlling and increasing diamond prices.
“While we don’t accept the allegations, we do believe that settling this suit is in the best interest of our shareholders and consumers,” De Beers said last December.
The world’s diamond supplies are mostly extracted from mines in Africa. Countries involved in diamond extraction have contracts with mining companies including De Beers. Diamonds pass through a centralized trading entity though a unit of Be Beers and other companies. De Beers fixed the price of diamonds before they were sold in rough forms to manufacturers.
De Beers was established in 1888 and controls more than 90 percent of the global diamond market and about 40 percent of the world’s diamond production.