The Topaz Group, Inc. Begins Construction on new Factory in Cambodia

Business Wire, Nov 10, 2003

Business Editors

ISSAQUAH, Wash.--(BUSINESS WIRE)--Nov. 10, 2003

The Topaz Group, Inc. (AMEX:TPZ) announced today that the Company has begun construction of their new factory in Cambodia.

The labor cost savings are expected to be over 75% when compared to the current labor costs in Bangkok. The initial plan for the 1,400 square meter facility is to house over 400 workers. Final negotiations are under way to finalize all legal documentation. The planned factory is part of the Company's overall cost-cutting strategy enacted in order to try and gain operational efficiencies by lowering labor costs and maintaining a competitive advantage. The planned factory is to be located in Poi Pet, which is just across the Thai border in Cambodia.

About The Topaz Group

The Topaz Group, Inc., (www.topazgroup.com and www.creativegem.com) is a leading producer and distributor of precious and semi-precious stones, as well as finished jewelry, with over 2,000 full time and an additional 2,000 piece work employees. Annually, Topaz produces in excess of 24 million carats of loose stones, and over 1.7 million pieces of gold and silver jewelry. The company maintains control over the entire gem production process from mining, designing, cutting and polishing stones to marketing and distributing finished product to department stores, wholesalers and retailer outlets. Over 80% of the company's products are exported to North America. The company has offices in Thailand, Brazil and the United States. The Topaz Group, Inc. is listed on the American Stock Exchange and trades under the symbol TPZ.

This press release contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, which represents the company's expectations or beliefs concerning future events. The company cautions that these statements are those in the forward-looking factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, without limitation, general economic conditions, competition in the markets in which the company operates and innovation in the jewelry industry. There can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements.