Diamond rings: up to 45% refund following international lawsuit

[yell0w_c0w]

I don't know if it's the right place to post this.. but I found this website which advertises the refund of diamond rings up to 45% if bought between Jan 1994 and March 2006.


http://finance.sympatico.msn.ca/investing/insight/article.aspx?cp-documentid=6052471

Hope it can help anyone! Last day to register is May 19th 2008. RFD effect to anticipate? lol don't worry theres about 295M to share between everyone... ;)

[polypep]

only valid for US residents

[hiltzman]

Interesting read...to bad for me it applies only to diamonds purchased in the US

For the purposes of the Settlement, the United States includes all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

[demanche]

I kinda wish I had bought a wedding ring before even conteplating marriage, lol

Does that make me cheap :-p?

[Keigotw]

I don't know if it's the right place to post this.. but I found this website which advertises the refund of diamond rings up to 45% if bought between Jan 1994 and March 2006.


http://finance.sympatico.msn.ca/investing/insight/article.aspx?cp-documentid=6052471

Hope it can help anyone! Last day to register is May 19th 2008. RFD effect to anticipate? lol don't worry theres about 295M to share between everyone... ;)

That is for USA only

"IT IS IMPORTANT TO FOLLOW THESE INSTRUCTIONS CAREFULLY
OR THERE MAY BE A DELAY IN PROCESSING YOUR CLAIM.
You are eligible to make a claim for a payment from the Consumer Subclass Settlement Fund if you were a resident of the

1. United States on
October 1, 2007, and you purchased in the United States or for delivery to the United States, one or more gem diamonds or one or more pieces
of jewelry or other item containing a gem diamond, for yourself or for a gift for someone else, and not for resale, between January 1, 1994 and
March 31, 2006. As used here, the “United States” means the 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.


2. Your diamond or diamond jewelry purchase qualifies if you purchased it from any person or business other than De Beers, any of De Beers’
mining competitors (such as Alrosa, Rio Tinto or BHP Billiton) or one of their affiliates (defined as a company related by shareholder interest
of 25% or more). A purchase made in the United States or for delivery to the United States from any other entity, such as a purchase made
from a jewelry store or an internet retailer, makes you eligible to participate in the Consumer Subclass Settlement Fund."

[Apocalypse21]

Thought I might have a chance at this but upon reading the details it looks like it applies to US, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. :(

8. How do I know if I am located in the U.S.? (top)

To be included in the Settlement you must be “located in the U.S.” The Settlement gives slightly different meanings to the term “located in the U.S.”, depending on whether you purchased directly from a Defendant or a Defendant’s competitor (in which case you may be a member of the Direct Purchaser Class) or from another source (in which case you may be a member of the Indirect Purchaser Class).

For purposes of the Indirect Purchaser Class, you are considered to be “located in the U.S.” if you meet two requirements. First, you must have purchased a Diamond Product in the U.S. between January 1, 1994 and March 31, 2006. A U.S. purchase is any purchase where the Diamond Product was delivered to you in the U.S. and includes purchases made from establishments in the U.S., as well as purchases from establishments abroad that were delivered to you in the U.S.. Second, you must have resided in the U.S. on October 1, 2007. For individuals, this means that you maintained a place of residence in the U.S.; for companies and other business entities, this means that you were organized and existed under the laws of any state or territory in the U.S. or maintained a place of business in the U.S.

For purposes of the Direct Purchaser Class, you are considered to be “located in the U.S.” if you either: (1) resided in the U.S. between September 20, 1997 and March 31, 2006; or (2) purchased a Gem Diamond in the U.S. (i.e., purchased for delivery to the U.S.) between September 20, 1997 and March 31, 2006. However, you may only submit claims for Gem Diamonds purchased in the United States.

8a. What U.S. states and territories are included in the Settlement? (top)

For the purposes of the Settlement, the United States includes all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

[heyhey]

Very interesting read. I didn't know this was happening.

[deep]

Ah too bad - I did indeed buy a diamond ring for my wife in the US during that time, but don't meet the residency requirements....hmm....maybe my father-in-law bought the ring! Yeah, that's the ticket!

[napoleon1769]

I wonder how the diamond stocks are doin g.

[sky7i]

There are no diamond stocks. The stones are not really worth much; the value is created by marketing. You'd have to be a fool to spend your $$ on diamonds.

See: http://www.edwardjayepstein.com/diamond.htm

RFD'ers should be spending their money on metals and gems that are actually worth something--- gold, titanium, rubies. Buying a diamond just marks you as an idiot.

[Blunt]

There are no diamond stocks. The stones are not really worth much; the value is created by marketing. You'd have to be a fool to spend your $$ on diamonds.

See: http://www.edwardjayepstein.com/diamond.htm

RFD'ers should be spending their money on metals and gems that are actually worth something--- gold, titanium, rubies. Buying a diamond just marks you as an idiot.

How are rubies actually worth something when compared to diamonds.
I know with diamonds, they can be used for cutting and drilling, but what can rubies do that make them worth 'more' than a diamond?

[sky7i]

How are rubies actually worth something when compared to diamonds.
I know with diamonds, they can be used for cutting and drilling, but what can rubies do that make them worth 'more' than a diamond?

Real value has to do with scarcity. Good rubies are scarce -- there are not that many in the world, only a limited supply -- so they cost more, and can be resold for more.

Diamonds, on the other hand, are not scarce at all. People pay a lot of money for them only because the supply is artificially constricted by a cartel of companies, who have convinced the population via advertising that diamonds are actually scarce and precious. This is why when you try to resell a diamond, you don't get anywhere near what you paid for it. But when you try to sell gold or a true precious gem, everyone pays pretty much the same market value for them.