Of course diamonds are not worth what you pay for them.. The diamond industry is controlled by DeBeers. I once saw a program on 60 minutes and it showed how diamonds the Russian gov't has locked away. They literally have millions of these things locked away. DeBeers will pay whatever is necessary to avoid anyone flooding the market with diamonds. Diamonds are only rare because DeBeers keeps a tight control on who can buy them and how many they let out into the market.
I've been f'in around on the internet today and saw this about diamonds. You can get some money back.
Buy A Diamond? Money Might Be In Your Future
updated 5:51 a.m. CT, Fri., Jan. 11, 2008
WNBC-TV NYC
NEW YORK - Diamonds are said to be a girl's best friend. Now, that friend is potentially worth a substantial amount of money back as a result of a multimillion-dollar settlement with diamond behemoth De Beers. Information On Refunds
The company that controls a huge share of the rough diamond market has agreed to pay nearly $300 million in a price-fixing dispute.
Customers who bought finished diamonds might be able to get hundreds of dollars back.
De Beers, one of the largest diamond suppliers in the world, has agreed to give Americans money back as a result from a class action lawsuit against the company alleging antitrust violations.
John Maher, the plaintiffs' attorney, said the diamond leader violated the law.
"They controlled and monopolized the sale of rough diamonds and as a result merchants paid more than they should have for those stones," he said.
De Beers has not admitted to doing anything wrong in the $295 million settlement. An earmark of $135.4 million has been made for consumers who file a claim.
Consumers can download information online at the settlement Web site.
The diamonds could have been purchased from any jewelry store in the country between Jan. 1, 1994, and March 31, 2006.
According to the claims administrator, a consumer who purchased a $2,000 engagement ring would be entitled to a maximum of $640 back. However, consumers are warned not to count that money yet as the formula only takes into account the value of what a consumer purchased and how many people file claims.
For those eligible, the filing deadline is May 19.
Notable pieces of information:
- Deadline is May 19, 2008.
- Claims can be made for gem quality diamonds only.