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Judge to approve De Beers class-action settlement

April 15, 2008

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Newark, N.J.—A federal judge is slated to issue a ruling approving the $295 million De Beers class-action settlement case, the London-based diamond giant announced today.

In a hearing held on Monday in U.S. District Court in New Jersey, Judge Stanley R. Chesler said a written decision approving the settlement would be forthcoming, bringing the case to a close.

The case against De Beers began with a series of lawsuits alleging that the company charged anti-competitive prices for rough diamonds, monopolized the market and disseminated false and misleading advertising.

The $295 million will be divided among direct and indirect purchasers, with the majority of retail jewelers falling into the latter class.

Indirect purchasers in this case are defined as those who bought diamonds from someone other than De Beers or one of its mining competitors between Jan. 1, 1994-March 31, 2006.

The size of each individual settlement is contingent on how many people file a claim. The deadline for claims is May 19.

"We believe that settling these class actions allows us to put these matters behind us and is in the best interests of our shareholders, clients and the consumer," a statement from De Beers read. "Nothing is more important to De Beers than consumers' confidence in diamonds and it is important for consumers to understand that this settlement in no way affects the value of their diamonds...Diamonds are worth as much today, if not more, than they have ever been."
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