Abazias Diamonds Retains Cantor Fitzgerald as Investment Banker

Gainesville, Fla., -- January 31st, 2007 -- Abazias.com (ABZA), a leader in the online diamond and jewelry industry, announced today that the Company has initiated a formal process to explore a variety of strategic alternatives to enhance shareholder value, including a potential sale. As a result, Abazias.com has retained Cantor Fitzgerald to act as its exclusive financial adviser in order to examine a range of short and long-term options.

"We are certain that there is significant unleashed value embedded in our stock price," states Oscar Rodriguez, CEO of Abazias. "We are working diligently to explore effective business opportunities in order to unleash this unrecognized value in the public market place."

Abazias.com has undergone a recent transformation including a stock split and new stock symbol (ABZA). The online diamond leader was recently highlighted in an IDEX (International Diamond Exchange) article titled "Online Jewelers Gaining Significant Market Share." This article, which paired Abazias.com with the likes of larger organizations such as Blue Nile (NILE) and Odimo (ODMO), noted online jewelers are not only putting pricing pressure on store-based retailers, but that their online financial models are also causing traditional jewelers to re-think their business model.

Abazias.com has created a strong customer following based on customer service and site innovations that let shoppers create their own jewelry. In addition to delivering quality diamonds at wholesale prices, Abazias.com is also a full-service jeweler offering a large selection of settings for stones purchased.

In making the announcement, the Company noted that there can be no presumption that this process will result in the Company completing any transaction or altering its current strategy. The Company does not intend to disclose developments with respect to any outcome of the process unless and until a specific transaction is approved or otherwise has reached a definitive conclusion.

Abazias.com showcases over 80,000 diamonds valued at over $550 million on its site at www.abazias.com. Most of Abazias.com''s diamonds are GIA, AGS or EGL certified. Abazias.com offers the "Couples Diamond®" which is required to meet even higher standards for cut, clarity and dimensions. Abazias.com is also a full-service jeweler offering a large selection of settings for stones purchased. For more information about Abazias.com, visit the Company's website at www.abazias.com.

This press release may contain statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.

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