Softbank Partner Odimo.com — Largest Collection of Certified Diamonds On the Web — Acquires Diamond.com to Become the Internet Resource for Diamond-Buying On-line

Business Wire, May 8, 2000

Business Editors

FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--May 8, 2000

Odimo.com (http://www.odimo.com), the premiere source of certified diamonds, fine jewelry and brand name watches on the web, announced today that it has acquired Diamond.com (http://www.diamond.com) to enhance its position as the largest internet resource for buying certified diamonds on line.

The newly configured site, now accessible at www.diamond.com, continues to bring the widest selection of certified diamonds direct from the source to the consumer at competitive prices. Diamond.com will also continue to offer fine jewelry and brand name watches as well as consumer information and education.

"By acquiring Diamond.com, we have taken the lead in the online diamond business," says Alan Lipton, chief executive officer of Odimo.com. "The name alone presumes automatic category leadership. If you're looking for diamonds, where will you turn...Diamond.com." Due to the power of Diamond.com's name we are adding in excess of 200,000 unique visitors to our current traffic. Adds Lipton, "Diamond.com will become a one-stop shopping resource for diamond buyers."

According to Michael Zapolin, the former owner of Diamond.com who remains a significant shareholder, "I had many suitors for my business but the longstanding credibility of The Steinmetz Diamond Group, combined with the company's vast inventory, convinced me that they were the right partners."

Majority-owned by The Steinmetz Diamond Group, one of the world's leading international diamond manufacturing and trading companies, and Softbank Capital Partners, L.P., Diamond.com will remain an Odimo company. The Steinmetz Diamond Group is well known for having cut and polished the world's most valuable diamond, the Millennium Star, a 203-carat D-flawless stone currently on exhibit at the Millennium Dome in London. Other partners include STI Ventures, Data Investments, LLC and The Lipton Group.

To find out more, please visit www.diamond.com or call 1-888-DIAMOND.