SOURCE: Global Diamond Exchange, Inc.

September 17, 2007 07:30 ET

Global Diamond Exchange Inc. Changes Ownership

NEW YORK, NY--(Marketwire - September 17, 2007) - Management for Sib Almaz is pleased to announce that it has completed the purchase of the controlling interest in Global Diamond Exchange Inc. (PINKSHEETS: GBDX). Sib Almaz is now in full control of the company with new management already in place.

New Chief Executive Officer, Mr. Slava Beurikov states that, "Purchasing the controlling interest of Global Diamonds Exchange and installing new management was the first part of the transaction. We are now proceeding with the second step -- to reduce the number of shares, through various means including but not limited to a repurchase of shares. The company's ultimate goal is to eventually exit from the domestic markets. Details will be made public through press releases as they occur and the transaction progresses."

The upcoming fall season -- New staff has been hired and fall orders have already been placed. The company views the New York office as an exciting opportunity to expand its business into New York City and utilize the space that is available. Additionally, Sib Almaz is considering the opportunity to enter the retail side of the business and is looking into acquiring retail space in New York City's Diamond District.

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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