Gitanjali Gems - Convertible Equity Warrants, Raising Capital

Gitanjali Gems Ltd has informed that the Board of Directors of the Company at its meeting held on October 06, 2007, has decided the following:

1. Issue of 10 million Convertible Equity Warrants on preferential basis to Promoters / Promoters Group.

2. Raising of additional capital through issuance of Global Depository Receipts.