The famous case, in which a class action was brought against De Beers accusing the company of diamond price fixing, was settled in 2006 and the mining giant was ordered to pay over $US400 million to both trade and consumer diamond and diamond jewellery buyers.
However, no one has yet seen a cent as class action lawyers demand alterations to the settlement.
Six years on and the case is still in the courts, but there may be an end in sight. The Supreme Court’s refusal to hear the latest appeal brings claimants a step closer to finally receiving their payments.
Nevertheless, a statement from the Jewelers Vigilance Committee (JVC) reminded claimants that there could be significant delays if a second appeal is file saying,“payment of claims will likely be delayed until the Supreme Court acts on the second petition for certiorari [review of the lower court’s decision].”
JVC president and CEO Cecilia Gardner has prevsiously stated that the settlements won’t be life changing, with trade claimants likely to get a payment of “enough to take your staff out to lunch”.
A forum poster at
JCKOnline seemed to sum up the sentiment of this long, bitter saga, “Glad this may finally be over and the lawyers can stop increasing their cut, but I will believe it when my $3 check arrives,” they said. “Oh sorry, $3.11 with interest."
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