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Press Release Source: Global Diamond Exchange


Global Diamond Exchange Announces Joint Venture Partner
Tuesday November 21, 9:15 am ET


NEW YORK, NY--(MARKET WIRE)--Nov 21, 2006 -- Global Diamond Exchange (Other OTC:GBDX.PK - News) 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.
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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.

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.



Contact:
Contact:
Alex Livak
347-813-4664
Email: Email Contact
http://www.fortuneir.com



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Source: Global Diamond Exchange