<PAGE>

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

         [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2000

         [ ]          TRANSITION REPORT PURSUANT TO SECTION 13
                  OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

        For the transition period from _______________ to _______________


Commission File Number 0-21635


                         Global Diamond Resources, Inc.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


                 Nevada                                  33-0213535
----------------------------------------     -----------------------------------
(State or other jurisdiction                 (IRS Employer
of incorporation or organization)            Identification No.)


            836 Prospect Street, Suite 2B, La Jolla, California 92037
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (858) 459-1928
                           ---------------------------
                           (Issuer's telephone number)


                                 Not Applicable
--------------------------------------------------------------------------------
              (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 of 1934 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 [ ]

         As of July 31, 2000, the Company had 48,686,678 shares of its $.0005
par value common stock issued and outstanding.

<PAGE>

                         PART 1 - FINANCIAL INFORMATION


ITEM 1.  Financial Statements

                                                                           PAGE
                                                                           ----

Condensed Consolidated Balance Sheet at June 30, 2000 (unaudited).............2
Condensed Consolidated Statements of Operations for the three month
  and six month periods ended June 30, 2000 and 1999 (unaudited)..............3
Condensed Consolidated Statements of Cash Flows for the six month
  periods ended June 30, 2000 and 1999 (unaudited)............................4
Notes to Condensed Consolidated Financial Statements (unaudited)..............5

                                       -1-
<PAGE>

                 GLOBAL DIAMOND RESOURCES, INC. AND SUBSIDIARIES
                           Consolidated Balance Sheet
                                   (Unaudited)


                                  ASSETS                          JUNE 30, 2000
                                                                  -------------

Current assets:
  Cash and cash equivalents                                       $    322,185
  Trade accounts receivable                                              3,600
  Inventory                                                            295,214
                                                                  -------------

          Total current assets                                         620,999

 Deferred foreign tax asset                                            798,877

 Mining properties and equipment                                     5,475,432
                                                                  -------------

                                                                  $  6,895,308
                                                                  =============

                  LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued liabilities                        $    399,759
  Note payable to director                                             205,096
                                                                  -------------

          Total current liabilities                                    604,855

Long-term debt                                                       3,000,000
                                                                  -------------

          Total liabilities                                          3,604,855
                                                                  -------------

Commitments and contingencies                                               --

Stockholders' equity:
  Preferred stock, $0.001 par value, 10,000,000
    shares authorized, no shares issued and
    outstanding                                                             --

  Common stock, $0.0005 par value, 100,000,000
   shares authorized, 48,686,678 shares issued
   and outstanding                                                      24,343
  Additional paid-in capital                                        14,385,556
  Accumulated deficit                                               (9,415,154)
  Accumulated other comprehensive income:
    Foreign currency translation adjustment                         (1,704,292)
                                                                  -------------

          Total stockholders' equity                                 3,290,453
                                                                  -------------

                                                                  $  6,895,308
                                                                  =============

See accompanying notes to consolidated financial statements.

                                       -2-
<PAGE>

<TABLE>
                                   GLOBAL DIAMOND RESOURCES, INC. AND SUBSIDIARIES
                                   Condensed Consolidated Statements of Operations
                                                     (Unaudited)

<CAPTION>
                                                   THREE MONTHS    THREE MONTHS      SIX MONTHS       SIX MONTHS
                                                      ENDED            ENDED            ENDED            ENDED
                                                  JUNE 30, 2000    JUNE 30, 1999    JUNE 30, 2000    JUNE 30, 1999
                                                  -------------    -------------    -------------    -------------
<S>                                               <C>              <C>              <C>              <C>
Diamond Sales                                     $    781,789     $         --     $  1,194,963     $         --

Production Expenses                                   (374,428)        (167,396)        (765,002)        (293,788)

Royalty                                                (36,705)              --          (59,748)              --
                                                  -------------    -------------    -------------    -------------

   Mine Operating Income                               370,656         (167,396)         370,213         (293,788)

Development and exploration expenses                  (291,014)         (92,559)        (531,363)        (185,395)
   Less diamonds recovered                             151,040               --          246,960               --
                                                  -------------    -------------    -------------    -------------
      Net development and exploration expenses        (139,974)         (92,559)        (284,403)        (185,395)

General and administrative expenses                   (363,151)        (424,819)        (634,636)        (867,758)
                                                  -------------    -------------    -------------    -------------

Operating loss                                        (132,469)        (684,774)        (548,826)      (1,346,941)
                                                  -------------    -------------    -------------    -------------
Other
   Interest income                                       2,749           28,235            3,647           68,538
   Interest expense                                   (122,197)        (114,018)        (244,129)        (226,518)
                                                  -------------    -------------    -------------    -------------
      Net interest expense                            (119,448)         (85,783)        (240,482)        (157,980)
                                                  -------------    -------------    -------------    -------------

Loss before net tax benefit/expense                   (251,917)        (770,557)        (789,308)      (1,504,921)

   Income tax expense                                     (390)            (273)            (390)          (1,073)
                                                  -------------    -------------    -------------    -------------

Net Loss                                              (252,307)        (770,830)        (789,698)      (1,505,994)

    Other comprehensive loss -
      Foreign currency translation adjustment         (236,832)          43,901         (518,508)        (200,207)
                                                  -------------    -------------    -------------    -------------

Comprehensive loss                                $   (489,139)    $   (726,929)    $ (1,308,206)    $ (1,706,201)
                                                  =============    =============    =============    =============

Basic and diluted loss per share                  $       (.01)    $       (.02)    $       (.02)    $       (.03)
                                                  =============    =============    =============    =============

Weighted average number of shares outstanding       47,723,986       45,600,678       46,555,623       45,600,678
                                                  =============    =============    =============    =============
</TABLE>

See accompanying notes to consolidated financial statements.

                                                            -3-
<PAGE>

<TABLE>
                         GLOBAL DIAMOND RESOURCES, INC. AND SUBSIDIARIES
                              Consolidated Statements of Cash Flows
                                           (Unaudited)

<CAPTION>
                                                                 SIX MONTHS      SIX MONTHS
                                                                    ENDED           ENDED
                                                                JUNE 30, 2000   JUNE 30, 1999
                                                                -------------   -------------
<S>                                                             <C>             <C>
Cash flows from operating activities:

  Net loss                                                      $   (789,698)   $ (1,505,994)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
      Depreciation and amortization                                  194,376         189,882

      Decrease (increase) in trade accounts receivable                 6,018         (30,198)
      (Increase) in inventory                                       (248,564)       (118,619)
      (Decrease) in accounts payable and accrued liabilities         (18,841)       (746,509)
                                                                -------------   -------------

     Net cash used in operating activities                          (856,709)     (2,211,438)
                                                                -------------   -------------
Cash flows used in investing activities:
    Additions to mining properties and equipment                      (4,991)       (751,651)
                                                                -------------   -------------

     Net cash used in investing activities                            (4,991)       (751,651)
                                                                -------------   -------------
Cash flows provided by financing activities:
     Net proceeds from issuance of common shares                     929,200              --
                                                                -------------   -------------

     Net cash provided by financing activities                       929,200              --
                                                                -------------   -------------

Effects of exchange rates on cash                                     72,585        (193,621)
                                                                -------------   -------------

Net increase (decrease) in cash and  cash equivalents                140,085      (3,156,710)

Cash and cash equivalents, beginning of period                       182,100       5,461,235
                                                                -------------   -------------

Cash and cash equivalents, end of period                        $    322,185    $  2,304,525
                                                                =============   =============

</TABLE>

See accompanying notes to condensed consolidated financial statements

                                                -4-
<PAGE>

                 GLOBAL DIAMOND RESOURCES, INC. AND SUBSIDIARIES

              Notes to Condensed Consolidated Financial Statements
                                   (unaudited)
                                  June 30, 2000


(1)      These condensed consolidated financial statements of Global Diamond
         Resources, Inc. (the "Company") do not include all of the information
         and footnotes required by generally accepted accounting principles for
         complete financial statements and should be read in conjunction with
         the financial statements and notes thereto included in the Company's
         Annual Report on Form 10-KSB. In the opinion of management, the
         financial information set forth in the accompanying condensed
         consolidated financial statements reflect all adjustments necessary for
         a fair statement of the periods reported, and all such adjustments were
         of a normal and recurring nature. Interim results are not necessarily
         indicative of results for a full year.

(2)      Mining Properties and Equipment
                                                                     June 30,
                                                                       2000
                                                                   ------------

         Mining property:
           Caerwinning deposit, at cost                            $   469,560
           Less accumulated amortization                               (74,663)
                                                                   ------------

                                                                       394,897
                                                                   ------------

         Mining properties under development:
           Grasdrif deposit                                            987,594
                                                                   ------------

         Mining equipment, at cost:                                  4,933,830
           Less accumulated depreciation                              (852,720)
                                                                   ------------

                                                                     4,081,110
                                                                   ------------

         Office equipment, at cost:                                     53,740
           Less accumulated depreciation                               (41,909)
                                                                   ------------

                                                                        11,831
                                                                   ------------

                                                                   $ 5,475,432
                                                                   ============

                                      -5-
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS

BACKGROUND
         The Company is engaged in diamond exploration and mining. The Company
has acquired the rights to two mining properties, the Grasdrif Deposit and the
Caerwinning Deposit, and owns an option to purchase a third mining property, the
Montrose kimberlite pipe, all of which are located in the Republic of South
Africa.

         To date, the companies' activities have included the investigation and
acquisition of mining property interests, exploratory work, site establishment
and the purchase and operation of mining plant and equipment in the process of
development as well as full-scale mining operations at its properties.

RESULTS OF OPERATIONS

CAERWINNING
         The Company's principal mining activities are conducted at its
Caerwinning property. The following chart details production information for the
three months ending June 30, 2000 and 1999 and for the six months ending June
30, 2000 and 1999:

<TABLE>
<CAPTION>
                                 Three Months    Three Months     Six Months      Six Months
                                    Ending          Ending          Ending          Ending
                                June 30, 2000   June 30, 1999   June 30, 2000   June 30, 1999
                                -------------   -------------   -------------   -------------
<S>                             <C>             <C>             <C>             <C>
Number of tons treated               127,574          36,017         259,998          53,083
Number of carats yielded               1,764             133           2,778             236
Total $ Value of production     $    782,551    Not available   $  1,129,653    Not available
$ Value per Carat               $        444    Not available   $        407    Not available

</TABLE>

The Caerwinning Deposit had an operating profit amounting to $370,656 for the
three months ending June 30, 2000 and $370,213 for the six months ending June
30, 2000. (For the three months ending June 30, 1999 and six months ending June
30, 1999, the deposit had an operating loss of $167,396 and $293,788,
respectively).

GRASDRIF
         Development activities continued at the Grasdrif Deposit during the
second quarter of 2000. On the Lower Terrace, 32,912 tons of diamondiferous
gravel was treated during the three months ending June 30, 2000 and 49,875 tons
were treated for the six months ending June 30, 2000. (Three months ending June
30, 1999, 26,119 tons and six months ending June 30, 1999, 61,068 tons). The
treatment of these tons yielded 44.34 carats for the three months ending June
30, 2000 and 101 carats for the six months ending June 30, 2000. (Three months
ending June 30, 1999, 64 carats and six months ending June 30, 1999, 91 carats).
Although the recovery from this gravel is significantly lower than expected, the
average size and value of the recovered diamonds far exceed expectations. The
average size of diamonds produced on the Lower Terrace during the second quarter
of 2000 amounted to 1.64 carats per stone, valued at $774 per carat and for the
first quarter of 2000 amounted to 2.58 carats per stone, valued at $792 per
carat. (First and second quarter 1999 valuation not available).

         Trial mining on the Upper Terrace treated 46,666 tons of diamondiferous
gravel for the three months ending June 30, 2000 and 84,679 tons for the six
months ending June 30, 2000. (First and second quarter 1999, Nil). For the three
months ending June 30, 2000, this treatment yielded 34 stones with a mass of
79.98 carats with an average size of 2.35 carats per stone, valued at $1,151 per
carat. For the six months ending June 30, 2000, this treatment yielded 70 stones
with a mass of 175.74 carats with an average size of 2.51 carats per stone,
valued at $1,140. The grade is lower than expected. The treatment of a total of
343,144 tons of diamondiferous gravel since commencement of operations in 1998
through the second quarter of 2000 at the Grasdrif Deposit amounted to 0.43% of
the entire reserve.

                                      -6-
<PAGE>

MONTROSE
         During 1999 the Company completed its interpretation of the results of
its large diameter-drilling program conducted during 1998. The conclusion was
that diamonds, mainly gemstones, were found across the pipe at various levels.
It was therefore decided to begin preparations for a 5,000-ton bulk sample of
the pipe with the purpose of determining the actual grade of the deposit and the
value per carat of the diamonds. This information is required to complete a
feasibility study on the production potential of the Montrose Pipe. The Company
is in the process of completing its Environmental Management Program Report
(EMPR) for the bulk sample. During 2000 it is expected that the authorities will
approve the EMPR for the bulk sample and a permit will be received to conduct
the bulk sample. It is also expected that the option to acquire the property
will have to be extended to allow for the completion of the bulk sample during
2001.

GENERAL AND ADMINISTRATIVE EXPENSES
         In line with management's continuing efforts to streamline overhead
costs, general and administrative expenses were reduced in the current quarter
by 15% and for the six months ending June 30, 2000 by 24%.

CURRENCY  CONSIDERATION
         The Company's mining properties, mining properties under development,
and mining equipment are all situated in the Republic of South Africa, where the
currency is the Rand. The re-evaluation of the Company's property and equipment
to reflect the average Rand/US$ exchange rate of ZAR6.6025 caused most of the
foreign currency translation adjustment of $518,508 for the six months ending
June 30, 2000.

LIQUIDITY AND CAPITAL RESOURCES
         The Company has financed its activities to date through revenue derived
from diamond sales, the sale of its equity and securities as well as short-term
loan facilities.

         During the first six months of 2000, the Company completed a private
placement of securities, raising $929,200 through the issuance of 3,086,000
shares of common stock and warrants to purchase an additional 3,086,000 shares
of common stock at prices ranging from $.20 to $.50 per share.

         The Company believes that at the current levels of production with
budgeted targets being met in the future no additional working capital will be
required during the next 12 months.

         Should any of the following events occur, additional working capital
might be needed during the next 12 months. The events are:

a)   that the Caerwinning Deposit has negative cash flow from operations;
b)   the trial mining on the Upper Terrace at the Grasdrif property continues in
     an operating loss or negative cash flow.

         The Company's belief concerning its working capital requirements are
based on certain assumptions concerning, among other things, the estimated grade
of its processed ore, average price per carat, scale of mining operations,
Rand-U.S. dollar exchange rate, and cost of production. If any of these
assumptions prove incorrect, the Company may require further additional capital.
Any such additional financing may require an additional pledge or mortgage of
the Company's properties and/or any production therefrom. There is, of course,
no assurance that satisfactory financing could be obtained. In addition to
financing individual and available projects, the Company may also borrow funds
from time to time for working capital and other general corporate purposes.

                                      -7-
<PAGE>

FORWARD-LOOKING STATEMENTS
         This report contains various forward-looking statements that are based
on the Company's belief as well as assumptions made by and information currently
available to the Company. When used in this report, the words `believe',
`expect', `anticipate', `estimate', and similar expressions are intended to
identify forward-looking statements. Such statements are subject to certain
risks, uncertainties and assumptions, including, without limitation, that the
Company only recently commenced mining operations at the Caerwinning Property,
has not engaged in commercial mining operations at the Grasdrif Property, mining
risks in general, political risks associated with the Company's operations in
the Republic of South Africa, general economic conditions, currency
fluctuations, and estimates of costs of production. Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, estimated
or projected. The Company cautions potential investors not to place undue
reliance on any such forward-looking statements, all of which speak only as of
the date made.


PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.
         -----------------

                  Inapplicable.

Item 2.  Changes in Securities.
         ---------------------

                  During the first six months of 2000, a private placement took
place of 3,086,000 shares of common stock totaling $929,200. The following is a
list of each transaction of $.0005 par value common stock:

    Date                    Name                Number of Shares    Total Amount
    ----                    ----                ----------------    ------------

   3-9-00       Rosemary Investments                 875,000          $175,000
   3-9-00       Nathan Plafsky                        75,000            15,000
   3-9-00       Cohen Family Limited Partnership      75,000            15,000
  3-14-00       Stephen Radez                        100,000            20,000
  3-17-00       William Cohen                         75,000            15,000
  3-17-00       Betty Cohen                           75,000            15,000
  3-17-00       Nathan Plafsky                        75,000            15,000
  3-17-00       Donald G. Wood                       184,000            36,800
  3-20-00       Stephen Blau                          50,000            10,000
  3-20-00       John Sylvester                        25,000             5,000
  3-23-00       Jarrow Limited                        75,000            15,000
  3-23-00       Donald Wood                           27,000             5,400
   4-7-00       Donald Wood                           60,000            12,000
  4-13-00       Dandy Ltd.                           275,000            55,000
  6-13-00       Pierre De Villiers                    20,000            10,000
  6-16-00       Morton Siegler                        20,000            10,000
  6-19-00       Nacoma/Titan                       1,000,000           500,000


Item 3.  Defaults Upon Senior Securities.
         -------------------------------

                  Inapplicable.

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

                  Inapplicable.

                                      -8-
<PAGE>

Item 5.  Other Information.
         -----------------

                  Inapplicable.

Item 6.  Exhibits and Reports on Form 8-K.
         --------------------------------

                  (a)      Exhibits
                           --------

                           27   Financial Data Schedule

                  (b)      Reports on Form 8-K
                           -------------------

                           Inapplicable.


                                      -9-
<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.

                                           Global Diamond Resources, Inc.
                                           (Registrant)


Dated:  July 31, 2000                      By:  /S/ JOHANN DE VILLIERS
                                              --------------------------------
                                                 Johann de Villiers,
                                                 Chief Executive Officer
                                                   and Chief Financial Officer

                                      -10-