Exercise of Options

Petra Diamonds Ld 05 March 2007 For Release 5 March 2007 Petra Diamonds Limited Directors Dealing Exercise of Share Options Petra Diamonds Limited ('Petra' or 'the Company') announces that on 2 March 2007 the Company received notice that Adonis Pouroulis, Chairman, exercised options over 400,000 ordinary Petra shares as follows: Options exercised Exercise price per share 100,000 30p 100,000 35p 100,000 40p 100,000 45p Following the exercise of the above options (which were granted in April 1997 and were due to expire in April 2007), Mr. Pouroulis now holds 7,935,000 ordinary Petra shares representing 5.24% of the enlarged issued share capital of the Company. The Company also received notice on 5 March 2007 that David Abery, Finance Director, has exercised options over 250,000 ordinary Petra shares at an exercise price of 44 pence per share. Following the exercise of these options, Mr Abery now holds 300,000 ordinary Petra shares representing 0.2% of the enlarged issued share capital of the Company. The Company has been further notified that on 5 March 2007 other employees exercised options over 156,000 ordinary Petra shares at an exercise price of 44 pence per share. Following the issue of these new ordinary Petra shares, the Company will have 151,498,607 ordinary shares in issue. Application has today been made for the new ordinary shares to be admitted to trading on AIM, which is expected to occur by 9 March 2007. Ends For further information, please contact: Cathy Malins / Annabel Leather Telephone: +44 (0) 20 7851 7480 Parkgreen Communications, London This information is provided by RNS The company news service from the London Stock Exchange