SOURCE: Goldenwest Diamond Corporation

Goldenwest Diamond Corporation

July 23, 2012 16:47 ET

Goldenwest Diamond Corp Acquiring Interest in Israeli Diamond Company

TUSTIN, CA--(Marketwire - Jul 23, 2012) - Goldenwest Diamond Corporation is currently in negotiations to acquire an interest in EZ Diamonds. The companies have been business partners for over 25 years. The principals first met in 1987, they share a close personal relationship and have watched their respective businesses grow in a similar manner over the years. Goldenwest feels that EZ has one of the best business models in the industry. EZ Diamonds is an impressive, well run company with many international holdings and this will provide some vertical integration for Goldenwest.

Goldenwest had been actively seeking a major new investment for over three years. We are excited about this investment and are confident in the long term viability of the Diamond Industry.

EZ will continue to provide diamonds to our company and transactions will remain at an arm's length. EZ provides precisely sorted ideal melees and smalls not available from our other vendors. Goldenwest relationships and purchasing volumes with our other vendors should not be affected. This is a long term investment strategy for Goldenwest and should strengthen us as a manufacturer.

Goldenwest Diamond Corp does business as The Jewelry Exchange, The Jewelry Source and The Jewelry Factory.