Global Diamond Exchange Inc. Export Ceiling Raised
February 21 2007 - 10:34AM
PR Newswire (US)
NEW YORK, Feb. 21 /PRNewswire-FirstCall/ -- Global Diamond Exchange
Inc. (OTC:GBDX) is pleased to announce that due to recent decrees
from the Russian government, the existing ceiling on the company's
rough exports has been lifted. This new decree allows Global to
export rough stones with or with out polishing and cutting, as well
as opening up tremendous opportunities for additional business. The
original export ceiling for rough stones for Global Diamond
purchases was a ratio of 15% rough to 85% cut and polished. The
company was restricted on the amount of rough stones it could
export. The new decree enables the company to purchase and export
rough stones for cutting anywhere it desires and not be limited to
a 15% quota. Global acknowledges that the Russian cutters are among
the best in the world and will continue to use local cutters when
ever possible. However, the new decree gives the company greater
flexibility to match the demands of its customers without
consideration to scheduling and availability of the local cutters.
About Global Diamond Exchange: Global Diamond Exchange originally
opened their office on 2 West 46th street in the heart of the 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. DATASOURCE: Global Diamond
Exchange Inc. CONTACT: Alex Livak, +1-347-813-4664, , for Global
Diamond Exchange Inc.
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