Google+ The Daily Jewel: Lawsuit Against DeBeers Concludes, DMIA Comments


Friday, August 2, 2013

Lawsuit Against DeBeers Concludes, DMIA Comments

Thought you would all like to know...

News Release
DMIA welcomes conclusion of suit against De Beers
New York, New York, USA - August 1, 2013: The Diamond Manufacturers & Importers Association of America (DMIA) said it is pleased to report that the payments to companies that purchased directly from Diamdel and its competitors, which are the result of the settlement of a class action suit against De Beers, were mailed Friday, July 26, 2013.

"Matters like these take a long time to be resolved," DMIA president Ronnie VanderLinden said. "Although it took a while, those that had the claims approved are happy to receive the funds. It also signifies the end of an era!"

Ronald Friedman, DMIA Past President said: "The DMIA had played a significant role in bringing the suit to a successful conclusion by filing papers in favor of the settlement in the appeal by objectors".

"This normalizes business for De Beers in America," David Prager, De Beers' director of communications, was quoted in the July 2013 issue of JCK Magazine. "If you think about the past century, this is a milestone moment." Prager noted that a lot of the past restrictions that De Beers had had previously were now gone. "We have clearly not jumped into America with both feet, and we have resisted contracting with American companies. When you have normalized business in the States, a lot of those things fall away and you have a lot more opportunities."

According to the court order approving the distribution of the settlement; the settlement covers a number of class action lawsuits filed around the country, all alleging that "De Beers had monopolized the rough diamond market, charging anti-competitive prices and advertising in a false and misleading way."

The order reported that plaintiffs in those cases claimed those that bought diamonds from De Beers between 1994 and 2006 have paid higher prices than they would have in a truly competitive market. Jared Stamell lead counsel said: "I am happy that this cash distribution is being made to members of the industry, many who are DMIA members and the most injured by the anti-competive conduct."
About the DMIA
The Diamond Manufacturers & Importers Association of America (DMIA), established in 1931, is the leading organization of America's premier diamond manufacturers, importers and dealers. Its mission is to promote the highest standards of ethics, integrity, and professionalism in the American marketplace. DMIA is among the leaders in addressing domestic and world diamond industry issues, and acts as a representative of the American diamond industry with other industry organizations and government bodies. DMIA is dedicated to the advancement and assurance of consumer confidence in diamonds and diamond jewelry.

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