Goldiam International - Updates

Goldiam International Ltd has informed that the Company's Subsidiary Company, Diagold Designs Ltd, is venturing in the Russian markets with a Distribution & Retail business in diamond studded Jewellery manufactured in the Group's factories in India and China. The business is expected to be operational by February, 2008 and to generate US $10 million incremental sales in the Financial Year 2008-2009.

Diagold Designs Ltd is also in talks with a leading Russian Retail business house for a proposed Joint Venture.