ColumnistsMay 26, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
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 & AwardsMay 26, 2026
12 JCK Talks Sessions to Add to Your Las Vegas ScheduleThe trade show’s education series returns, with sessions on retail trends, AI, watches, marketing, corporate responsibility, and more.
Events & AwardsMay 26, 2026
CBG Brings Its Curated Designer Project to Las Vegas ShowThe Curated Designer Project has expanded to highlight eight independent jewelry designers during CBG’s Las Vegas show.
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in VegasAs gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.
TrendsMay 26, 2026
Amanda’s Style File: A Cooldown Is ComingBring a cool tone to your summer jewelry with these white metal pieces.
Weekly QuizMay 21, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMay 22, 2026
Instore Buys JA New York ShowThe deal closed this week, which means Instore will produce the JA NY show slated to take place this fall.
FinancialsMay 22, 2026
Richemont’s Jewelry Brands Lead the Charge in Q4The company’s jewelry sales were up in Q4 and the fiscal year, with Richemont raising prices in part because of the cost of gold.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
CollectionsMay 22, 2026
Leigh Maxwell Celebrates 5 Years at Couture With ‘Bauble’ CollectionThe “Bauble” capsule collection of colorful one-of-a-kinds includes our Piece of the Week, the “Bauble” earrings, featuring rose zircon.
MajorsMay 22, 2026
Stuller’s New Packaging, Display Catalog Is Out The updated catalog has a newly dedicated section for gift wrapping.
PodcastsMay 21, 2026
Episode 5: Sotheby’s Frank Everett Puts the Auction Market in PerspectiveEverett covers colored stones’ surging popularity, the mellow return of the “Mellon Blue,” and his “The Devil Wears Prada” doppelgänger.
IndependentsMay 21, 2026
Springer’s Jewelers’ New Flagship Will Serve Next-Gen Luxury ShoppersFourth-generation CEO Lilly Mullen wants to emphasize experience, connection, and personalized service.
Events & AwardsMay 21, 2026
JA Announces Nina Pugliese Memorial ScholarshipThe new award, created in partnership with Henne Jewelers, honors the late designer’s legacy through supporting jewelry education.
CrimeMay 20, 2026
NYPD Warns of Jewelry Swap Scams Targeting SeniorsThe NYPD is warning elderly New Yorkers to keep their jewelry hidden when walking outside to avoid being a target.
IndependentsMay 20, 2026
Adornment & Theory’s New Store Feels Like Home Designer Viviana Langhoff has realized her dream of owning a space for her Chicago jewelry store that looks and feels like her brand.
Events & AwardsMay 20, 2026
Here Is Couture’s 2026 Education Lineup The sessions will run from Friday, May 29, to Sunday, May 31, with one being a live taping of an episode of Couture’s podcast.
Lab-GrownMay 20, 2026
Savannah Friedkin Jewelry Names New CEOFormer Stephanie Gottlieb Fine Jewelry executive Morgan P. Richardson is joining the lab-grown diamond jewelry brand.
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Metal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
