SOURCE: Global Diamond Exchange

December 27, 2006 11:08 ET

Global Diamond Exchange Inc. Retires Additional Common Stock

NEW YORK, NY -- (MARKET WIRE) -- December 27, 2006 -- Global Diamond Exchange Inc. (PINKSHEETS: GBDX) is pleased to announced that it has instructed its transfer agent, First Global Stock Transfer, to retire an additional 15,120,000 shares of the company's common stock. This will bring the total of Outstanding Shares to 361,554,517. Global Diamond Exchange expects further reductions in the coming weeks and will announce reductions as they occur.

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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