Lance Thomas made the purchase midway through his senior season in December 2009 -- just over three months before the Blue Devils won their fourth national title.
The purchase spawned a lawsuit by a New York jeweler and an NCAA investigation of whether he and Duke violated rules pertaining to improper benefits for college athletes.
The jeweler said Thomas owed $67,800 for five pieces of jewelry he purchased at a cost of $97,800. An invoice dated Dec. 21, 2009, indicates that he made a $30,000 down payment and agreed to pay the balance in 15 days.
The lawsuit, filed in Texas because Thomas was playing for the NBADL's Austin Toros at the time, was settled days after it surfaced publicly in September.
Thomas now plays for the New Orleans Pelicans.
When the investigation opened back in September, Thomas said he "feels bad" that his jewelry purchase has caused problems for Duke, but pledged to resolve the matter "the right way."
Duke's Coach K said back in September that he's proud of the school's compliance record during his 33 seasons there. Krzyzewski said he was made aware of a lawsuit filed against Thomas and contacted Duke's administration, which reached out to the NCAA to begin the investigation.
Duke issued the following statement Tuesday: "The NCAA has found no evidence of a rules violation in this situation based on the information available, and both the NCAA and Duke consider the matter closed."