ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
SourcingJun 12, 2013
De Beers class action drawing to a close
The last of the checks in the De Beers class-action lawsuit settlement should go out in the next couple of weeks, and the case--which began more than 10 years ago and initially was settled in 2008--should be closed by year’s end.
New York--The last of the checks in the De Beers class-action lawsuit settlement should go out in the next couple of weeks, and the case--which began more than 10 years ago and initially was settled in 2008--should be closed by year’s end.
Earlier this week, news spread that the checks to consumers, who are part of the suit’s indirect class, had begun arriving in the mail. The minimum threshold for receiving a check is $10, meaning that anybody’s claim that amounts to less than that won’t get any money.
New York-based attorney Jared Stamell said the next round of checks set for distribution are those going to members of the direct class, those that bought gem-quality rough and polished diamonds from De Beers, its auction arm formerly known as Diamdel or any of its mining competitors between Sept. 20, 1997 and March 31, 2006.
The first round of checks for direct purchasers should be mailed in the next couple of weeks, as soon as they are able to “fill in some blanks” on a few of the claims, he said. Because they bought directly from De Beers, this class will receive a proportionately greater sum of money, with some of the payouts amounting to more than $1 million.
Stamell said that there are two large claims outstanding that they are working to resolve that may take them back to court.
If they are resolved, it will mean a second round of checks for members of the direct class. They’ll get paid in two steps, just as the retailers and manufacturers that are part of the indirect class did earlier this year.
Either way, he said he expects the case as a whole will wrap up by the end of 2013. “We’re getting close, at least on my end,” he said.
The direct purchasers first filed suit against De Beers in 2000, alleging the diamond miner and marketer acted in a monopolistic manner in order to control diamond prices. Retailers, manufacturers and consumers followed with lawsuits in 2004 and 2005.
In May 2008, De Beers and the plaintiffs reached a $295 million settlement, with De Beers admitting no fault in the case.
The company, once banned from doing business in the United States because of anti-trust issues, since has launched Forevermark here, and its executives now visit regularly. CEO Philippe Mellier attended the recently concluded JCK show,
marking the first for a De Beers Group CEO.
Since the settlement, however, appeals have had the case hung up in court and delayed any payouts.
"I am disappointed in the sense that the way objectors are handled in class-action (cases) that it got delayed for years,” Stamell said when asked about the conclusion of the case. “I would have preferred to see this money go out during the recession when people really needed it. If all things had gone properly the money would have been out five years ago.”
Since the settlement, however, appeals have had the case hung up in court and delayed any payouts.
"I am disappointed in the sense that the way objectors are handled in class-action (cases) that it got delayed for years,” Stamell said when asked about the conclusion of the case. “I would have preferred to see this money go out during the recession when people really needed it. If all things had gone properly the money would have been out five years ago.”
More on Sourcing
The Latest
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
