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: [phone]
Parkgreen Communications, London






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