SOURCE: Global Diamond Exchange Inc

October 14, 2008 12:04 ET

Global Diamond Exchange Inc. Changes Location, Appoints New President

NEW YORK, NY--(Marketwire - October 14, 2008) - Global Diamond Exchange Inc. (PINKSHEETS: GBDX) has closed its office on 2 West 46th Street. The poor performance by the United States economy in recent months and the lack of disposable income has necessitated a change in offices. The company will concentrate on the wholesale and the processing business exclusively. The new office is located in Tshipise, South Africa. The phone number is +27 76 176 8592.

Additionally, Sib Almaz is considering divesting their controlling interest to a South African Group. A new president has been appointed due to Mr. Lava Beurikov's failing health and constant hospitalization. Dr. Didier Debonggo has replaced Mr. Beurikov. The company had received a subpoena from the SEC and had responded through counsel. Dr. Debonggo is in the process of acquiring new counsel as Mr. Beurikov's health issues have made it unclear at the present stage of the responses. A complete shareholder update is forthcoming.

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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