NASHVILLE, Tenn. -- Millions of dollars are sitting in a federal court and for those who have bought a diamond ring, some of it could be yours.

Video: $272M To Be Refunded In Diamond Lawsuit

If someone bought any diamond, anywhere, between 1994 and 2006 they could receive money from a class-action lawsuit.

The De Beers diamond company settled a class-action lawsuit by agreeing to pay $272 million to be divided among everyone who bought a diamond from anywhere between 1994 and 2006.

“They had a monster, OK, and just what happened, a group took them on and, as I said, it was long coming. (It) was long overdue, because they controlled the world market, they dictate the price on it. … It was long coming,” said Salem Emamalie of Brentwood Jewelry and Gifts.

Emamalie is already helping dozens of customers participate in the lawsuit.

A Web site has already been set up, and all diamond owners have to do is fill out a brief form online or print one out and send it in by mail; the deadline is May 19.

Insurance agent Rob Mitchell informed all his clients that insure jewelry about the claims and said he got three calls on it Wednesday morning.

The suit goes back to 1994 because of the scope of the case.

“It is surprising that it’s taken this long because ever since there have been people buying diamonds and selling diamonds, it’s been going on, and nobody has ever really complained about it,” Mitchell said.

The money that someone gets back depends on the price of the diamond and how many people file a claim.

“From $300 to $400 per thousand, that is what my understanding is,” Emamalie said.

While residents don't have to have a receipt for their diamond now, the settlement administrators can ask at any time to prove a price, so everyone is recommended to dig up their receipt.

If you want to file for a refund from De Beers, click here.

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