Global Diamond Exchange Confirms Purchase of Second Order
Tuesday November 28, 9:00 am ET
NEW YORK, NY--(MARKET WIRE)--Nov 28, 2006 -- Global Diamond Exchange (Other OTC:GBDX.PK - News) is pleased to announce the second allotment of diamonds has been purchased and they are currently being processed. Delivery is expected mid to late December.
Additionally, Diamond Certificate has agreed to allow Global to purchase up to their allotment quota in rough stones for processing to fill demand for the next calendar year. Global still has the option to buy cut and polished stones from other sources if demand exceeds supply but will exclusively rely on its joint venture partner to provide rough diamonds for processing.
Management is extremely excited about the commitment from its partner since it will allow Global to grow substantially and insure the company of uninterrupted flow of diamonds.
About Diamond Certificate:
Diamond Certificate is Global's Joint Venture Partner, providing 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. Diamond Certificate consist of and is owned by several groups -- 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, 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, Moscow, Russian Federation; and private individuals with diamond experience since the late 1980s and extensive casino/gaming interest since the mid 1990s.
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.
