JVC posts link to De Beers settlement claim form
January 02, 2008

New York—The Jewelers Vigilance Committee (JVC) has posted a link on its Web site to the De Beers Indirect Purchaser/Reseller class-action lawsuit claim form, and is also providing online guidance on how to complete the form.

Back in October, the U.S. District Court approved the notice and claims process for the De Beers settlement, which covers gem-quality diamonds only.

Jewelry industry members can access the claim form by visiting JVClegal.org. In addition to guidance to complete the form, the site also includes a series of frequently asked questions. In addition, industry members who have specific questions about completing the form can e-mail JVC’s online hotline, jvcquestions@aol.com.

Starting Dec. 28, a court-authorized media campaign commenced to notify consumer class members about making a claim. Advertisements in hundreds of newspapers, magazines and on the radio will run until February 2008. The U.S. District Court also ordered that written notice about the claim form be mailed to approximately 50,000 entities covered under the lawsuit.

The claims period for consumers and jewelers runs between Jan. 1, 1994 and March 31, 2006, but the trade claim form asks jewelers to pick any two-year period during those years and to submit the total costs of the diamonds and diamond jewelry they purchased for resale during that time.

Retailers will share proportionately with other “resellers” a settlement portion amounting to $137 million, reduced by plaintiffs’ attorneys’ fees and expenses, with payouts probably not occurring until late 2008 or 2009.

Claims must be postmarked on or before May 19, 2008, to be accepted.

The JVC said in a statement that a link to the Direct Purchasers claim form will be posted on JVClegal.org as soon as it is available.