SOURCE: Global Diamonds Inc.

November 15, 2006 09:59 ET

Global Diamond Exchange Wholesale Office Opens for Business, First Allotment Is Sold Out

NEW YORK, NY -- (MARKET WIRE) -- November 15, 2006 -- Global Diamond Exchange (PINKSHEETS: GBDX) is pleased to announce that its wholesale office has been opened and the company is back conducting business in their old building. Global Diamond signed a five year lease on August 31, 2006 with an option to renew for an additional five years and was scheduled to move into suite 704 on November 1st, 2006.

However, due to a prior tenant who refused to vacate the premises, the company was forced to take space on a different floor in the building. The current tenant of that office, New Creations, has been legally forced to move out and will do so by December 15, 2006. After a full clean up, installation of a new safe and alarm system, Global will then occupy its office on the 7th floor. Building management has been kind enough to provide Global Diamonds space in the same building but on a different floor. Additionally, as of Friday, November 17, 2006, the company name will appear on the display board downstairs in the building lobby.

In the meantime, the company has been displaying its initial shipment of diamonds out of the temporary office and is proud to say that is has completely sold out its first allotment. The initial allotment was for 698 carats and was sold out within a week of its showing. A much larger second order has already been placed and will arrive in New York shortly.

Global CEO, Alexey Cherebkov, stated that he was "excited being back in a place that we were so successful our first time around and its nice to see a lot of the old faces that recognize and remember Global Diamonds. I look forward to re-establishing the Global Diamond brand in New York." Mr. Cherebkov and Global Diamonds also wish to clarify an ongoing misconception regarding the wholesale location. The location strictly sells as a 1st tier wholesaler to other wholesalers. It is not a retail location and is only accessible to established diamond dealers in the industry.

About Global Diamond Exchange:

Global Diamond Exchange originally opened their office on 2 West 46th street in the heart of the 'New York's Diamond District'. After several years of operation at their New York office the company decided to shut down the operation due to low pricing and soft demand in North America. The company concentrated its efforts on exporting cut diamonds from the Russia Federation and European locations. The new company has reopened its sales offices in the original building ready to take on the increased demand for fine quality diamonds.

NOTE: Safe Harbor for Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of the Company to complete the planned bridge financing, market conditions, the general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.

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