Shyam Star Gems Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 21, 2008, inter alia, to consider the following:

1. To Approve the Draft MOU between Shyam Star Gems Ltd & Thamina Diamonds International DMCC, Dubai for acquiring stake in Thamina Diamonds International DMCC.

2. To raise the fund required for acquiring stake in Thamina Diamonds International DMCC, by various Instruments available & to call the EGM for that.