Gift Giving Guy

You know the four Cs of diamonds — cut, color, carat and clarity. Now add a fifth C: cash back. Diamond supplier De Beers is settling a class-action lawsuit over price fixing, which the South African company denies. Still, the gem giant is offering $295 million in rebates.

If you bought diamonds as a gift for someone (or for yourself) between January 1, 1994 and March 31, 2006, you may apply online as part of the pending settlement. I just completed the brief form which requires your name, physical address, e-mail address, specific diamond items (e.g., engagement ring, diamond stud earrings), and item value. If your diamonds cost more than $10,000, you must provide receipts. You have until May 19, 2008 to file a claim.

Here’s the fine print. Only $135.4 million of the settlement will reach U.S. consumers. And the more people who make claims, the smaller the individual refund will be. If the value of your claim (based on purchase price) ends up as less than $10, alas, you won’t get a refund.