Have you bought a diamond during the past 14 years? You could be entitled to a refund.

De Beers, the world's largest diamond supplier, recently settled a $295 million class-action lawsuit that charged it unfairly monopolized the diamond trade and fixed prices for years.

One of the lawsuits that led to the class action was filed in Maricopa County Superior Court nearly three years ago.

Customers who bought a De Beers gem between Jan. 1, 1994, and March 31, 2006, have until May 19 to submit a claim to the settlement's administrator to get money back.

Customers will need a receipt but won't have to give up any gems.

How much anyone receives in the settlement will depend on the value of diamonds purchased and the number of claims filed.

Under the formula, a consumer who bought a diamond worth $2,000, for example, could get as much as $640.

The settlement allocates even larger amounts to retailers who bought and resold diamonds.

Both a seller and a buyer could get settlements for the same diamond because the money will be allocated to those who can produce receipts, not the diamonds themselves.

The class action was born from several lawsuits claiming that De Beers broke antitrust and consumer-protection laws by monopolizing diamond supplies, controlling diamond prices and disseminating false advertising.

Pamela Sue Cornwell filed one of the suits in February 2005 in Maricopa County, but according to her attorney, she has since passed away.

"She was concerned there were improprieties in the industry," Francis Balint said, adding that he is "delighted with the settlement."

De Beers has disputed the allegations.

However, the company "made the decision to put this matter behind us because we believe resolving it will allow us to focus on building De Beers' future, maintain and grow our reputation as a leader in the luxury-goods sector and, most importantly, protect consumers' confidence in their diamond purchases."

A judge will rule on the fairness of the settlement amount and other issues on April 14, 2008.

"This is a really big deal," Ahwatukee custom-jewelry designer Michael Orticelli said, adding that the high price of diamonds comes up nearly every time he designs jewelry for a customer.

"It's basically because De Beers has monopoly control," he said.

Privately held De Beers started in 1888 and has diamond mines throughout Africa. The company operates in more than 20 countries and employs nearly 22,000 people.

Americans spend $32 billion to $34 billion annually on diamond jewelry and buy about half of the polished diamonds sold globally, according to the International Diamond Exchange, a network of diamond sellers.

Orticelli and Loretta LaBarbera, owner of Loretta's Ahwatukee Jewelers,both plan to apply for the refund.

"Sure, why not?" LaBarbera said. "It's hard to tell how much it will come to, but it could be worth it."

High diamond prices have long been a thorn in the side of jewelers, they said.

"If prices were better, people would buy more diamonds and we could get more creative by using more diamonds in jewelry," LaBarbera said.

by cathryn creno@arizonarepublic.com or 602-444-7954.