You may or may not have heard but it before but it may be worth repeating. You may be eligible for a refund if you had purchased a diamond or diamond jewelry between January 1, 1994 and March 31, 2006.

Suit Settlement
This is a result of a settlement of a class action suit against De Beers accused of price fixing and controlling the price of all diamonds. While De Beers does not admit to any wrongdoing, they claim to have settled it in the best interest of its shareholders, clients and consumers, which means that wholesalers, retailers and consumers are entitled to a refund.

The conditions of the settlement has De beers refunding $295 million in total, of which $135 million is going to consumers minus 25 percent to the law firms that brought up the suit.

Eligibility
Consumers that purchased diamonds and diamond jewelry in the time period of the settlement are entitled to a percentage of their purchase depending on the type and amount of their purchase.

What does this mean to the consumer?
The cap of $135 million means that if more consumers apply for the refund the less each will get. The most one may receive is 45 percent, and based on mathematical statistics if everyone filed a claim they would get back only $2 on a $2000 purchase. Yet, it will not hurt you to file a claim just do not tell your friends if you want a larger potion of the pie.

Details
The details and additional information, including online claim forms can be obtained by going to www.diamondsclassaction.com.

Deadline
It is not known when refunds are going to be mailed but you have until May 19, 2008 to file your claim. Who knows maybe you can get that I-Phone you had your eye on.