De Beers, the world-famous (or should we say infamous?) diamond company, which has long had a stranglehold (or should we say monopoly?) over the diamond market, has finally settled (or should we say been forced to settle?) a class action lawsuit for $295 million – that’s a lot of diamonds!
According to Luxist, “The settlement is the result of a lawsuit which said that the South African company charged anticompetitive prices for the rough diamonds it sold, monopolized the rough diamond market, and disseminated false and misleading advertising. De Beers has not admitted to any wrongdoing.”
As a result, anyone (and we mean practically anyone) who bought diamonds between January 1, 1994 and March 31, 2006 could be due for a nice little partial refund. For example, WNBC has said that a $2,000 ring could net as much as $640 in return. The filing deadline for interested (and applicable) consumers is March 19.