We report an analytical ultracentrifugation study on sedimentation in dilute stable dispersions of uniform, magnetic iron oxide (Fe3O4) colloids. On increase of the dipolar coupling constant, tuned by the average particle size, the linear concentration dependence of the sedimentation velocity shows an abrupt transition from the hindered sedimentation expected for hard spheres to a marked acceleration already for weak dipolar interactions. This transition is not reproduced by sedimentation theory derived from an effective, isotropic pair correlation function of the type proposed by De Gennes and Pincus, for reasons which are made clear. Accelerated settling, instead, follows a scaling based on the mass action law for dimer formation with dipoles in head-to-tail configuration. Our work illustrates that orientational averaging of dipole interactions of ferromagnetic colloids in the dilute regime is inapplicable, with an obvious implication for the possible existence of isotropic gas-liquid criticality for such colloids.