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De Beers class-action payouts possible in spring

By Michelle Graff
October 15, 2009

New York--Anyone waiting to receive money from the De Beers class-action lawsuit settlement could see a thaw in the case this spring, according to information provided by one of the attorneys in the case.

At a meeting of the Diamond Manufacturers and Importers Association of America (DMIA) held last night in New York City, President Ronald Friedman provided an update on the now eight-year-old case, reading aloud a letter from one of the attorneys involved.

According to the letter, about 12 consumers of the 60 million in the class who had filed various objections to the settlement, which was reached in May 2008, appealed.

A hearing on these appeals is set for January and, according to the letter, an opinion on that hearing is expected within two to three months.

Assuming the court overrules the objections, that means distribution of settlement proceedings possibly could begin in spring 2010.

The De Beers class-action lawsuit, brought by representatives of consumers and re-sellers beginning in 2001, alleged that De Beers acted in a monopolistic manner to control diamond prices.

The suit was filed on behalf of two classes: direct purchasers of diamonds (gem-quality rough and polished) who bought from De Beers or any of its companies or mining competitors between Sept. 20, 1997 and March 31, 2006, and indirect purchasers of gem-quality diamonds, which includes both resellers and consumers who bought diamonds, diamond jewelry or any other product containing gem diamonds between Jan. 1, 1994 and March 31, 2006.

De Beers has not admitted to any wrongdoing in resolving the case, but agreed to the settlement in May 2008.

The settlement dictates $22.5 million be distributed to the direct purchaser class and $272.5 million to the indirect purchaser class.

Also at the meeting on Wednesday:
  • GemEx Systems Inc. Chief Executive Officer Randy Wagner gave a presentation. GemEx is now offering its diamond-beauty evaluations in New York City's Diamond District. The evaluations are conducted using the BrillianceScope Analyzer. The analyzer measures light at five direct angles to evaluate brilliance for GemEx's trademarked Light Performance Certificate. The service is being offered in conjunction with DMB Partnership and discounts are available to DMIA members. To schedule an appointment, call 866-MyGemEx ((866) 694-3639).
  • The DMIA announced that its annual holiday party, which is open to non-members, would be held Dec. 10. The location has not yet been announced.
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