Director/PDMR Shareholding

Petra Diamonds Ld
31 May 2007

For Release 31 May 2007


                           Petra Diamonds Limited

                Exercise of Share Options and Directors Dealings



Petra Diamonds Limited ('Petra' or the 'Company') announces that on 30 May 2007
the following director exercised options over ordinary shares of £0.10 each in
the Company ('Ordinary Shares') as detailed below:


Director                                  Number        Exercise price      Total quantity of options held
                                                                                        following exercise

Adonis Pouroulis                         250,000                 £0.44                           1,300,000



In addition the Company was also informed on 30 May 2007 that the following
directors sold Ordinary Shares on 30 May 2007 at a price of £1.55 per share as
detailed below:


Director                 Position held with the                Number   Total holding of        Percentage of
                                        Company                    of    Ordinary Shares      enlarged issued
                                                          shares sold    following sales                share
                                                                                                      capital

Adonis Pouroulis                       Chairman               650,000           7,535,000               4.16

David Abery                    Finance Director               250,000              50,000               0.03





On 30 May 2007 other employees exercised options over 10,000 Ordinary Shares at
an exercise price of 65.75 pence per share.



Following the issue of these new Ordinary Shares, the Company will have
181,433,191 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 6 June 2007.





Ends



For further information, please contact:


Cathy Malins / Annabel Leather             Telephone: [phone]
Parkgreen Communications, London






                      This information is provided by RNS
            The company news service from the London Stock Exchange