Canadians who got engaged or bought diamond jewellery seven or more years ago could cash in on a massive class-action settlement.

A settlement was reached with several diamond and mining companies, including De Beers Canada Inc., after a class-action lawsuit accused them of conspiring to "fix prices for Gem Grade Diamonds sold in Canada."

The $9.4 million settlement has been approved by the courts, so the claims process has begun.

Here's how you could get a piece of this enormous settlement.

If you purchased a Gem Grade Diamond in Canada between January 1, 1994 and October 14, 2016, you could be entitled to compensation as part of a class action settlement totalling approximately $9.4 million.

To learn more, click here: https://t.co/lhuHLrKahY pic.twitter.com/qImujMRyaH

— Siskinds LLP (@SiskindsLLP) November 6, 2023

Who can file a claim?

According to the class action, anyone (shoppers and resellers) who purchased gem grade diamonds in Canada between January 1, 1994 and October 14, 2016 could get some cash.

Gem grade diamonds are defined by the class action as "diamonds that have been or could have been used in diamond jewellery or for investment purposes."

This means any rough diamond, polished diamond, diamond jewellery, or any other product consisting of or containing one or more gem grade diamonds.

It doesn't include products with man-made or industrial diamonds.

If you're eligible for this settlement, you can claim the money at www.canadiandiamondsclassaction.ca.

How much could you get from the settlement?

Canadians can make one of two types of claims.

You can get a minimum $20 administrative payment without having to provide proof of purchase.

If you want to claim more than $20, you'll need to provide proof of purchase, like a credit card statement, a bank statement, a cheque confirmation, a wire transfer confirmation, or proof of insurance.

The amount of money Canadians can receive from the second type of claim will be evaluated based on your gem grade diamond purchases and whether you're a consumer or reseller, according to the class-action. You can find more details on this here.

If you're eligible, make sure to file your claim before the deadline of February 6, 2024.