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| 20 yrs...so you know more than most of us 
I'd wait for the parents too. If they choose not to talk to you, they are choosing not to clear up the situation. You could even tell this to the kid.
And if another kid already had the issue with the belt buckle, then it will be the "bullys" reputation that precedes him, not your sons. (And you know that bullys just try harder next time, to find the boundaries)
The whole incident will have repercussions, whether you pay or not (which I would be inclined not to -if they start getting more narky, then i would ask for the jacket, and mend it myself - but thats just me)
Please let us know what happens at the end of the day  | |
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I'll certainly let you know what the outcome is.
Mending it myself would only be a revenge as my needlework skills are poor at best.