JA Helps Jewelers with De Beers Settlement

Jewelers of America has created three guidance documents to help retail jewelers address questions referring to the proposed De Beers settlement.
With the Jan. 9 release of De Beers settlement notice advertisements in newspapers and press releases to print, radio and television journalists, retailers are likely to begin hearing from consumers who wish to file claims.
JA’s guidance documents are designed to prepare JA retail members to answer questions about the De Beers settlement with assurance and knowledge. The three one-page documents cover: background on the case itself, guidance on how to answer consumers’ questions, and guidance on how to answer media questions. Members can access the documents at Jewelers of America’s website, www.jewelers.org, in the Members Only area.
“With the release of information about the De Beers settlement to consumers and the media, Jewelers of America wants to assist our members in answering the public’s questions,” said JA president and chief executive officer Matthew A. Runci. “Jewelers of America and its counsel have had significant involvement in commenting on the De Beers settlement process and timing since it began several years ago, and we now want to ensure that our members are prepared, too.”
De Beers settlement notices will continue throughout the winter and early spring. The notice campaign is expected to reach 87 percent of the consumer settlement class, which is defined as adults 18 and over with a household income above $50,000.
Because the claims process will require consumers to itemize the amount of their purchases of diamond jewelry, consumers may ask retailers to research the purchase price of any diamond or diamond jewelry they obtained at their stores between Jan. 1, 1994 and March 31, 2006. In addition, consumers may need information on where to go to file a claim, object to, or opt out of the proposed settlement. Jewelers of America’s guidance documents are designed to provide jewelers with simple answers to these basic questions.
For more information about the De Beers Settlement, visit www.diamondsclassaction.com or call 1-800-760-5431.