SOURCE: Global Diamond Exchange

November 29, 2006 09:25 ET

Global Diamond's Second Order Estimated at $1.5 Million in Wholesale Revenue

NEW YORK, NY -- (MARKET WIRE) -- November 29, 2006 -- Global Diamond Exchange (PINKSHEETS: GBDX) is pleased to announce that it has requested that at least 70% of the second allotment be between one and three carat round cut diamonds. This is all predicated on the final cut and polish with a value of the second order being approximately 1.5 million dollars based on the New York wholesale prices. This is according to the Rappaport Sheets, the leading authority of wholesale diamond prices and demand. The company has also set a goal to have orders cut, processed and delivered for sale on a more frequent basis than the first two orders, in which demand was greater than initially anticipated.

Furthermore, just to clear up some confusion as to the timing of Global's second order. The company sold its first shipment of diamonds in November. Typically, retailers will use the diamonds for the upcoming holiday season. The second order will be used by retailers for the New Year season and forward into 2007. Being a wholesaler, Global Diamond's product is constantly in demand, though seasonal dates do affect business in the normal business cycle. However, Global does not rely exclusively on Christmas season or Wedding Season the same way retailers who sell directly to the consumers. So long as there is a general demand for fine diamonds, there will always be a need for Global's product.

About Global Diamond Exchange:

Global Diamond Exchange originally opened their office on 2 West 46th street in the heart of '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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