Global Diamond Exchange, Inc. (GBDX): They can't close the deal because it's u...

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REVOLUTION2012

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REVOLUTION2012

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Saturday, 03/29/2008 3:34:38 PM

Saturday, March 29, 2008 3:34:38 PM

They can't close the deal because it's unclear what Alrosa is planning to do....

Krystall (Almaz) need to know what to do before pushing in the US....

http://www.kristallsmolensk.com/

Joint Venture Speculation

In a rumor that could be called the buzz of the month, ALROSA reportedly is pursuing joint venture agreements with Indian companies to cut and polish Russian diamonds in India. Russian news agency Prime-Tass quoted a Russian official as saying ALROSA has made a strategic decision to start direct cooperation with Indian companies, information that was leaked during the Second Russian-Indian Forum for Trade and Investments in New Delhi in mid-February.

India, the largest diamond manufacturer in the world, has been expressing intense interest in Russian rough after Prime Minister Manmohan Singh called for greater cooperation between the Indian and Russian diamond industries during a state visit to Moscow last December.

Russian manufacturers didn’t welcome the news of ALROSA’s possibly polishing diamonds in India since the company currently sells 40 percent of its rough domestically and exports the rest. “Russian manufacturers can polish greater volumes and pay at market price,” said Nikolai Zhuravlev of Kristall Smolensk.

ALROSA didn’t issue any official comments on the reported alliance with Indian companies.

FOR THE RECORD

Global Diamond Exchange (PINKSHEETS: GBDX) is pleased to announce the details of a joint venture partner. The partner, who will increase Global's allotment of rough, cut and polished diamonds, is "Diamond Certificate" -- a Russian joint stock company.

Diamond Certificate consists of and is owned by several groups including -- Smolensk Brilliants Association -- A union of 8 diamond cutting facilities in Smolensk; The Smolensk Government Facility "Crystal" -- The largest Diamond cutting facility in the Russian Federation employing over 4000 diamond cutters; The Sheremetyevo Insurance company, part of the Russian Federation; Olympus -- which is a variety of private and corporate entities that control the world's largest diamond mine; one of the largest banks in Russia, the Mezvynarodnij Aktsonirnij Bank, from Moscow, also part of the Russian Federation; and a private individual with over twenty-five years of diamond experience dating back to the 1980s.

Under the terms of the agreement, Global Diamond Exchange will provide the marketing, sales, and office locations.

Diamond Certificate will provide acquisition of rough diamonds, supervision of the cutting and polishing, the exporting of the finished or rough product and/or the purchase of finished goods, along with the custom exports.

Smolensk Diamonds USA

The company’s office is situated on the famous New York’s Fifth Avenue.

580 Fifth Avenue, New York

NY 10036, USA

Tel: + 1 (212) 9214300

Fax: +1 (212) 9214646

You can always reach Mr. Nikolai Senukhin, the President of Smolensk Diamonds USA by phones:

+ 1 (212) 9214300 (USA)

+ 7 (4812) 611331 (Russia)

E-mail: sdusa@kristallsmolensk.com