AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
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
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand AmbassadorThe Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé SaleU.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
FinancialsSep 02, 2025
Lab-Grown Diamonds, Lower-Priced Fashion Jewelry Drive Signet Jewelers’ Q2 SalesThe retailer has raised its guidance after seeing total sales increase 3 percent in the second quarter, beating expectations.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff ImpactCEO Efraim Grinberg noted a resurgence in the fashion watch market.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
