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Remember the days when you had plenty of money and nothing to worry about (i.e. high school)… say sometime between 1994 and 2006? well, if you bought diamond jewelry at all during those 12 years, you can claim some of the $295 million that has been set aside in the DeBeers class action lawsuit and get the money back now, when you actually need it. This, from the class action suit:

Several class-action lawsuits were filed asking for money damages on behalf of diamond purchasers. The lawsuits also asked that the defendants stop certain business conduct. The lawsuits claim that the largest suppliers of diamonds in the world—De Beers S.A. and its associated companies—violated antitrust, unfair competition, and consumer-protection laws by monopolizing diamond supplies, conspiring to fix, raise, and control diamond prices, and disseminating false and misleading advertising. De Beers and the other companies deny they violated the law or did anything wrong. They also say that because they do not do business in the United States, the courts in the United States do not have authority over them.

How did this happen? Essentially, DeBeers is an enormous company that, for years, has been buying up massive quantities of diamonds in bulk, then they stockpile most of those diamonds away and thus, artificially inflate the value of the stone. Fed up with such practices, a number of class-action lawyers took DeBeers to court and won. big.

So what does this mean for recent grads?

The same thing it means for everyone else, really - you could stand to make a little money. How? Simply go here and file your claim online . You don’t need to submit physical receipts unless your purchase was over $10,000. However, you may need to prove your purchases later on, so make sure you have at least a bank record or receipt before you submit your claim.

How much will you get back? It varies a great deal - for diamond-only jewelry over $5000, for instance, you’re getting back 90% of the wholesale price. Meanwhile, for smaller amounts, the percentages go as low as 13.8% of the wholesale price. Here’s a table to give you a better idea:

You have until May 19th, 2008 to get your claim in. So, make sure you have your receipts (especially for big purchases) and get back the money you’re owed. 

“Get your piece of the Diamond Class Action pie.” [Wise Bread]

(image by sp-graphics)

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