SOURCE: Global Diamond Exchange

January 31, 2007 09:53 ET

Global Diamond Exchange Inc. Retires Additional Common Stock, Addresses Market Cap Issues

NEW YORK, NY -- (MARKET WIRE) -- January 31, 2007 -- 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 12,600,000 shares of the company's common stock. Once this retirement takes place, it will bring the total of Outstanding Shares to 348,954,517.

Global Diamond Exchange is looking at other possible ways to increase shareholder value as the market cap of the company is significantly lower in comparison to current sales revenues. The company is aware that upon full financial disclosure the market may more accurately reflect the real economic condition of Global Diamond Exchange.

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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