Shyam Star Gems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2008, inter alia, has taken the following decisions:

1. Board has discussed & to go ahead for acquiring up to 50% Stake in Thamina Diamonds International DMCC Dubai, to achieve intensive growth by organic & Inorganic ways.

2. Board has given full authority to Mr. Savji D Patel, M.D. to negotiate Price & time frame with M/s. Thamina Diamonds International DMCC Dubai, for acquiring stake.