U. S. Securities and Exchange Commission

                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)

(X)  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934

                 For the quarterly period ended October 27, 2007
                                                ----------------

( )  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

 For the transition period from ..........................to....................

 Commission file number ........................................................

                   Jupiter Marine International Holdings, Inc.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

            Florida                                     65-0794113
            -------                                     ----------
  (State or other jurisdiction                        (IRS Employer
of incorporation or organization)                   Identification No.)

                    1103 12TH Avenue East, Palmetto, FL 34221
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                  941-729-5000
--------------------------------------------------------------------------------
                           (Issuer's telephone number)


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)

         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [X]  No [ ]

         Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act.   Yes [ ]   No [X]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: As of December 3, 2007:
18,863,861 shares of common stock.

         Transitional Small Business Disclosure Format (check one):
Yes [ ]  No [X]


<PAGE>
<TABLE>
<CAPTION>
                                                                                                Page
                                                                                                ----
<S>                                                                                              <C>
Part I.  Financial Information                                                                   3
-------  ---------------------

Item 1.  Consolidated Financial Statements                                                       3

         Balance Sheets as of October 27, 2007 and July 28, 2007                                 3

         Statements of Operations for the three months ended October 27, 2007
           and October 28, 2006                                                                  4

         Statements of Cash Flows for the three months ended October 27, 2007
           and October 28, 2006                                                                  5

         Notes to consolidated financial statements                                              6

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
           of Operations                                                                         7

Item 3.  Controls and Procedures                                                                 11

Part II. Other Information                                                                       12
-------- -----------------

Item 1.  Legal Proceedings                                                                       12

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                             12

Item 3.  Defaults Upon Senior Securities                                                         12

Item 4.  Submissions of Matters to a Vote of Security Holders                                    12

Item 5.  Other Information                                                                       12

Item 6.  Exhibits                                                                                12
</TABLE>

























                                       2
<PAGE>
<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION
-------  ---------------------

Item 1.  Financial information

                   JUPITER MARINE INTERNATIONAL HOLDINGS, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

                                                                                   October 27,           July 28,
                                      ASSETS                                           2007                2007
                                      ------                                    -----------------     ---------------
                                                                                   (unaudited)           (audited)
<S>                                                                                  <C>                  <C>
CURRENT ASSETS:
      Cash and cash equivalents                                                      $    341,031         $    80,135
      Accounts receivable, net                                                             50,801              47,980
      Employee receivables                                                                      -                   -
      Inventory:
         Raw materials                                                                  1,174,497             773,671
         Work in process                                                                  807,407           1,001,387
      Prepaid expenses                                                                     46,320              67,515
                                                                               ---------------------------------------
          Total current assets                                                          2,420,056           1,970,688

PROPERTY AND EQUIPMENT:
      Boat molds                                                                        2,480,769           2,098,180
      Machinery and equipment                                                             437,181             409,780
      Leasehold improvements                                                              527,836             448,736
      Office furniture and equipment                                                       36,802              36,801
                                                                               ---------------------------------------
                                                                                        3,482,588           2,993,497
      Less accumulated depreciation and amortization                                    1,050,819             927,914
                                                                               ---------------------------------------
      Property and equipment, net                                                       2,431,769           2,065,583
                                                                               ---------------------------------------

OTHER ASSETS                                                                               57,912              57,912
                                                                               ---------------------------------------

         TOTAL ASSETS                                                                $  4,909,737         $ 4,094,183
                                                                               =======================================
                     LIABILITIES AND SHAREHOLDERS' EQUITY
                     ------------------------------------

CURRENT LIABILITIES:
      Accounts payable                                                               $  1,479,418         $   807,110
      Accrued expenses                                                                    679,754             542,423
      Accrued interest due to shareholders                                                155,496             143,067
      Customer deposits                                                                   227,204              66,489
      Warranty reserve                                                                    153,400             192,967
      Current portion of capital lease obligation                                          26,200              26,200
      Notes payable to shareholders                                                       350,000             350,000
      Notes payable                                                                       225,000             425,000
                                                                               ---------------------------------------
         Total current liabilities                                                      3,296,472           2,553,256

LONG-TERM LIABILITIES:
      Capital lease obligation, less current maturities                                    10,079              16,114
                                                                               ---------------------------------------
                                                                                           10,079              16,114
                                                                               ---------------------------------------

         TOTAL LIABILITIES                                                              3,306,551           2,569,370
                                                                               ---------------------------------------
SHAREHOLDERS' EQUITY:
      Common stock, $.001 par value, 50,000,000 shares authorized,
        18,863,861 and 18,863,861 issued and outstanding                                   18,864              18,864
      Additional paid-in capital                                                        4,206,014           4,206,014
      Deficit                                                                          (2,621,692)         (2,700,065)
                                                                               ---------------------------------------
         TOTAL SHAREHOLDERS' EQUITY                                                     1,603,186           1,524,813
                                                                               ---------------------------------------
         TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                  $  4,909,737         $ 4,094,183
                                                                               =======================================
</TABLE>
      See accompanying notes to consolidated financial statements
                                       3
<PAGE>
<TABLE>
<CAPTION>
                   JUPITER MARINE INTERNATIONAL HOLDINGS, INC.
                                 AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                           FOR THE THREE MONTHS ENDED
                                   (unaudited)
                                                                       October 27,                      October 28,
                                                                          2007                              2006
                                                                  --------------------           -------------------------
<S>                                                                     <C>                               <C>
NET SALES                                                               $   3,857,821                     $     3,892,224

COST OF SALES (exclusive of depreciation)                                   2,990,472                           3,098,918
                                                                  --------------------           -------------------------

   GROSS PROFIT                                                               867,349                             793,306
                                                                  --------------------           -------------------------
                                                                                22.5%                               20.4%
OPERATING EXPENSES:
 Selling and marketing                                                        166,088                             143,332
 General and administrative                                                   480,643                             488,165
 Depreciation and amortization                                                122,905                             110,209
                                                                  --------------------           -------------------------

    Total operating expenses                                                  769,636                             741,706
                                                                  --------------------           -------------------------

OTHER INCOME (EXPENSE):
 Interest expense                                                             (28,258)                            (42,600)
 Other income (expense)                                                         8,919                               3,320
                                                                  --------------------           -------------------------

      Total other income (expense)                                            (19,339)                            (39,280)
                                                                  --------------------           -------------------------

NET INCOME BEFORE INCOME TAXES                                                 78,374                              12,320
INCOME TAX EXPENSE                                                                  -                                   -
                                                                  --------------------           -------------------------

NET INCOME                                                                     78,374                              12,320

 Dividends on preferred stock                                                       -                                   -
                                                                  --------------------           -------------------------

NET INCOME APPLICABLE TO
COMMON SHAREHOLDERS                                                     $      78,374                     $        12,320
                                                                  ====================           =========================

Basic and diluted net income per
   common share
       Basic                                                            $        0.00                     $             -
                                                                  ====================           =========================
       Diluted                                                          $        0.00                     $             -
                                                                  ====================           =========================

Weighted average number of shares
  of common stock outstanding
      Basic                                                                18,863,861                          18,863,861
      Diluted                                                              21,893,989                          21,893,989
</TABLE>









           See accompanying notes to consolidated financial statements
                                       4
<PAGE>
<TABLE>
<CAPTION>
                   JUPITER MARINE INTERNATIONAL HOLDINGS, INC.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                           FOR THE THREE MONTHS ENDED

                                                                                  October 27,               October 27,
                                                                                      2007                      2006
                                                                             ------------------      ----------------------
                                                                                  (unaudited)              (unaudited)
<S>                                                                                   <C>                         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                                                         $    78,373                 $    12,320
Adjustments to reconcile net income to net cash
 provided by operating activities:
      Depreciation and amortization                                                    122,905                     110,209
      Options issued as compensation                                                         -                      38,590
      Decrease (increase) in:
           Accounts receivable                                                          (2,821)                    (33,634)
           Inventory                                                                  (206,846)                   (357,030)
           Prepaid expenses                                                             21,195                     (72,156)
           Other assets                                                                      -                      (8,797)
      Increase (decrease) in:
           Accounts payable                                                            672,308                     106,736
           Accrued expenses                                                            137,331                     (46,855)
           Customer deposits                                                           160,715                     (48,444)
           Warranty reserve                                                            (39,567)                        462
           Accrued interest payable                                                     12,429                     (11,714)
                                                                             ------------------      ----------------------

             Net cash provided by (used in) operating activities                       956,022                    (310,313)
                                                                             ------------------      ----------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
           Purchase of property and equipment                                         (489,091)                    (48,344)
                                                                             ------------------      ----------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
           Borrowings on notes payable and long term debt                                    -                     150,000
           Payment on notes payable and long term debt                                (200,000)                          -
           Payments on capital lease obligations                                        (6,035)                     (6,036)
                                                                             ------------------      ----------------------

             Net cash (used in) provided by financing activities                      (206,035)                    143,964
                                                                             ------------------      ----------------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                   260,896                    (214,693)

CASH AND CASH EQUIVALENTS, beginning of period                                          80,135                     315,235
                                                                             ------------------      ----------------------

CASH AND CASH EQUIVALENTS, end of period                                           $   341,031                 $   100,542
                                                                             ==================      ======================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
           Cash paid for interest                                                  $    28,258                 $    54,314
                                                                             ==================      ======================
</TABLE>









           See accompanying notes to consolidated financial statements
                                       5
<PAGE>
                   Jupiter Marine International Holdings, Inc
                   Notes to consolidated Financial Statements
                                   (UNAUDITED)


Note 1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with instructions to Form 10-QSB and Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments, consisting of normal recurring
accruals considered necessary for a fair presentation have been included.
Operating results for the three months ended October 27, 2007, are not
necessarily indicative of the results that may be expected for the year ending
July 26,2008. For further information, refer to the consolidated financial
statements and footnotes thereto included in the Company's annual report on Form
10-KSB for the year ended July 28, 2007.

In order to maintain consistency and comparability between periods presented
certain amounts have been reclassified from the previously reported financial
statements in order to conform to the financial statement presentation of the
current period.

The consolidated financial statements include Jupiter Marine International
Holdings, Inc., ("the Company") and its wholly-owned subsidiary, Jupiter Marine
International, Inc. All inter-company balances and transactions have been
eliminated.






























                                       6
<PAGE>
Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

General

         Jupiter Marine International Holdings, Inc. (JMIH), a Florida
corporation, was incorporated on May 19, 1998. On May 26, 1998, JMIH acquired
all of the outstanding shares of common stock of Jupiter Marine International,
Inc. (JMI), a boat manufacturing company, which was incorporated under the laws
of the State of Florida on November 7, 1997. JMIH and JMI will sometimes be
collectively referred to as the "Company". The Company's principal offices and
manufacturing facilities are located in Palmetto, Florida. The Company's Web
site address is www.jupitermarine.com.

         The Company designs, manufactures and markets a diverse mix of high
quality sportfishing boats under the Jupiter brand name. The outboard powered
product line currently consists of seven models:

         38' Forward Seating Center Console
         38' Open Center Console
         34' Forward Seating Center Console
         31' Cuddy Cabin
         31' Forward Seating Center Console
         31' Open Center Console
         29' Forward Seating Center Console

         The Jupiter 34' Forward Seating Center Console was introduced at the
October 2007 Ft. Lauderdale Boat Show. The 34' is a new design and fills the gap
between the 31' Forward Seating Center Console and the 38' Forward Seating
Center Console. It was specifically engineered to accommodate the new Yamaha
350HP V-8 four stroke outboard engines. Deliveries of the 34' will commence
during the later part of the quarter ending January 26, 2008.

         Management's discussion and analysis contains various "forward-looking
statements" within the meaning of the Securities and Exchange Act of 1934. Such
statements consist of any statement other than a recitation of historical fact
and can be identified by the use of forward-looking terminology such as "may,"
"expect," "anticipate," "estimate" or "continue" or use of negative or other
variations or comparable terminology.

         The Company cautions that these statements are further qualified by
important factors that could cause actual results to differ materially from
those contained in the forward-looking statements, that these forward-looking
statements are necessarily speculative, and there are certain risks and
uncertainties that could cause actual events or results to differ materially
from those referred to in such forward-looking statements.

         The Company plans to grow the business by the addition of new features
on present models, the introduction of new models and expansion of its Palmetto
facility. The Company would consider an acquisition candidate if their products




                                       7
<PAGE>
would complement those offered by the Company and the result would enhance the
service level provided by the Company. There are no discussions with any
potential candidates at this time, nor has the Company identified any
acquisition candidates.

         Management of the Company believes that economic pressures such as
higher fuel prices, higher interest rates, a weak housing market's effect on the
buying public, concerns with the credit markets, and increases in costs of other
essential items have negatively effected our business. These factors have
already contributed to an overall slow down in the marine industry. Based on
published reports the marine industry has experienced double digit sales
declines. Some retail boat sales outlets have announced that due to high
inventory levels they plan on increasing promotions to move product. These
retail outlets have also expressed concern over their high inventory levels and
have indicated that they will be reducing purchases in the future. In addition,
as a public company we are constantly faced with increasing costs and expenses
to comply with SEC reporting obligations. We believe we will be required in
fiscal 2008 to comply with the annual internal control certification pursuant to
Section 404 of the Sarbanes-Oxley Act of 2002 and the related SEC rules. We
expect that these and other compliance costs of a public company will increase
significantly. In addition, our stock has historically been, and continues to
be, relatively thinly traded, providing little liquidity for our shareholders.
As a result of the foregoing, we have, from time-to-time considered, and expect
from time-to-time to continue to consider strategic alternatives to maximize
shareholder value. See "Other Events" below.

Net Sales

         The Company's net sales were $3,857,821, for the quarter ended October
27, 2007 an increase of $34,403 as compared to $3,892,224 for the quarter ended
October 28, 2006. We have been able to maintain our sales levels at a rate
consistent with last year primarily due to enlisting new dealers who contributed
approximately $1.6 million or 42% to our first quarter sales. There is no
assurance that additional new dealers can absorb any potential sales decline in
the future as we have filled most of the open sales territories.

         Promotional sales discounts, given to stimulate retail sales, increased
to $86,069 or 2.2% of sales for the quarter ended October 27, 2007 as compared
to $27,650 or 0.7% of sales for the quarter ended October 28, 2006.

         Dealer inventory at October 27, 2007 increased to approximately four
and one-half months supply compared to an approximate two and one-half months
supply at the same time last year. Order backlog remained at approximately one
month at October 27, 2007 compared to the same time last year. We continually
monitor activity at our dealerships and will, if necessary, adjust production to
consumer demand.

Cost of Sales and Gross Profit

         Cost of sales for the quarter ended October 27, 2007 was $2,990,472
resulting in $867,349 of gross profit or 22.5% of net sales. For the quarter
ended October 28, 2006 cost of sales was $3,098,918 and gross profit was
$793,306 or 20.4% of net sales.





                                       8
<PAGE>
         During the quarter ended October 28, 2006 the Company was operating two
manufacturing facilities, both operating below capacity, the cost of which
adversely affected gross margins.

         The benefits of merging the Company's manufacturing operations into one
facility have started to pay off in the way of reduced operation cost and
improved efficiencies. The full benefit of this consolidation will not be
realized until additional improvements are made to the Palmetto facility. The
timing of completing these improvements is dependent on improved cash flow.

         The improvement in gross margin percentage was also the result of a
sales mix shift to the larger higher gross margin 38' Forward Seating model.
Higher promotional discounts, as mentioned previously, reduced gross margins by
approximately 1.5%. The increase in selling price at the start of fiscal year
2008 (August 1, 2007) helped offset increases in raw material, labor and other
operating expenses. Management is very concerned about the consumers' acceptance
of rising selling prices now and in the future.

Selling, General and Administrative Expenses

         Selling and marketing expenses were $166,088, or 4.3% of net sales, for
the quarter ended October 27, 2007 as compared to $143,332 or 3.7% of net sales
for the same quarter of last year. This increase is primarily attributable to an
increase in salaries for certain sales personnel.

         General and administrative expenses for the quarter ended October 27,
2007 remained about the same at $480,643 or 12.5% of net sales for the quarter
ended October 27, 2007 compared to $488,165 or 12.5% of net sales for the same
quarter of last year.

         Depreciation and amortization expense increased by $12,696 to $122,905
for the quarter ended October 27, 2007 resulting from addition of boat molds and
equipment.

         Interest expense for the quarter ended October 27, 2007 of $28,258 was
$14,342 less than the same quarter of last year due to lower average borrowings
on the line of credit.

Liquidity and Capital Resources

         At October 27, 2007 the Company had cash and cash equivalents of
$341,031 and working capital deficit of $876,416. At October 28, 2006, the
Company had cash and cash equivalents of $100,542 and working capital of
$1,425,693.

         The Company anticipates that cash generated from operations and the
availability under the Company's credit line should be sufficient to satisfy the
Company's contemplated cash requirements for its current operations, other than
for capital expenditures and the repayment of the Note Payable to shareholders,
as discussed below, for at least the next twelve months.





                                       9
<PAGE>
         The Note Payable to Shareholders in the amount of $350,000 plus accrued
interest in the amount of $155,496 is due on February 14, 2008. The Company does
not currently have available funds to satisfy the note. If the Company is unable
to repay the note, the note may be converted into common stock. Conversion of
the note would result in substantial dilution to current shareholders.

         Property and equipment purchases during the quarter ended October 27,
2007 were $489,091 consisting primarily of new boat molds. Its is estimated that
between $750,000 and $1,000,000 will be needed to complete the initial Palmetto
build-out that will allow us to more efficiently meet the current production
schedule. Additionally, it is estimated that $400,000 will be required to
complete the new boat development project schedule. The actual timing of these
expenditures and, consequently, the products completion date is predicated on
the Company's ability to generate cash or secure alternative financing.

         Net cash provided by operating activities was $956,022 for the three
months ended October 27, 2007 compared to $310,313 used by operating activities
for the three months ended October 28, 2006.

         Inventories at October 27, 2007 increased by $206,846 compared to July
28, 2007 due to increased work in process.

         Accounts payable at October 27, 2007 increased by $672,308 due to the
increase in inventory and delaying vendor payments.

         The number and level of employees at October 27, 2007 should be
adequate to fulfill the production schedule.

Other Events

         As discussed above, we believe that the economy and other factors have
had a negative effect on the Company's operations and stock quotation price. In
July 2007, in an attempt to maximize shareholder value, the Company entered into
a merger agreement with Diamond Information Institute, Inc., a jewelry designer
and manufacturer company. Under the merger the Company will issue an aggregate
of 7,400,000 shares of common stock and 1,025,000 shares of Series A Voting
Convertible Preferred Stock to the shareholders of Diamond Information
Institute, Inc. in exchange for a wholly owned interest in Diamond Information
Institute, Inc. Simultaneously with the merger, the Company will dispose of all
of its boat manufacturing business assets and liabilities, which will be
purchased by Carl Herndon, Lawrence Tierney and certain other shareholders of
the Company in consideration for the return of 9,987,833 shares of the Company
common stock. These affiliates and others will own 100% of the boat
manufacturing business following the completion of the reverse merger. Diamond
Information Institute, Inc. will be the accounting survivor and surviving
business operations; however, the Company is the surviving legal entity. Diamond
Information Institute, Inc. is a New Jersey corporation organized in 1988 that
has been engaged in the design and manufacture of upscale jewelry since 1995.
Diamond Information Institute, Inc. sells its jewelry to approximately 150
independent jewelry stores across the United States. The completion of these







                                       10
<PAGE>
transactions is subject to several conditions, including but not limited to SEC
review and delivery of an information statement to the Company's shareholders.
As of the date of this report the Company cannot provide any assurances that the
transactions will be completed.

Item 3.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures

         The management of the Company, under the supervision and with the
participation of the Company's Chief Executive Officer and Chief Financial
Officer, has evaluated the effectiveness of the Company's disclosure controls
and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934) as of the end of the period covered by this
Quarterly Report on Form 10-QSB. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by a company in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the company's
management, including its principal executive and principal financial officers,
as appropriate to allow timely decisions regarding required disclosure.
Management recognizes that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving their
objectives and management necessarily applies its judgment in evaluating the
cost-benefit relationship of possible controls and procedures. Based on this
evaluation, the Chief Executive Officer and Chief Financial Officer have
concluded that, as of the end of the period covered by this report, the
Company's disclosure controls and procedures were effective.

Changes in Internal Controls

         No changes in the Company's internal control over financial reporting
occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Company's internal controls
over financial reporting.





















                                       11
<PAGE>
PART II  OTHER INFORMATION
-------  -----------------

Item 1.  Legal Proceedings

         None.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

         None.

Item 3.  Defaults Upon Senior Securities

         None.

Item 4.  Submission of Matters to a Vote of Security Holders

         None.

Item 5.  Other Information

         None.

Item 6.  Exhibits

         31.1     Rule 13a-14(a)/15d-4(a) Certification of Principal Executive
                  Officer
         31.2     Rule 13a-14(a)/15d-4(a) Certification of Principal Financial
                  Officer
         32.1     Section 1350 Certification of Principal Executive Officer
         32.2     Section 1350 Certification of Principal Financial Officer


























                                       12
<PAGE>
                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the Registrant
caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                              JUPITER MARINE INTERNATIONAL HOLDINGS, INC.


Date: December 21, 2007       By: /s/Carl Herndon
                                 -----------------------------------------------
                                 Carl Herndon, Director, Chief Executive Officer
                                 (Principal Executive Officer) and President


Date: December 21, 2007       By: /s/Lawrence Tierney
                                 -----------------------------------------------
                                 Lawrence Tierney, Director and Chief
                                 Financial Officer (Principal Executive Officer)








































                                       13