Grant of Share Options

Petra Diamonds Ld
31 May 2006



31 May 2006


                             Petra Diamonds Limited

                             Grant of Share Options


Petra Diamonds Limited ('Petra' or 'the Company'), the AIM-quoted and ASX-listed
diamond mining group, announces that the Company's Remuneration Committee today
resolved to grant the following share options over ordinary Petra shares.


Adonis Pouroulis           Chairman                                250,000
Johan Dippenaar            Chief Executive Officer                 250,000
Jim Davidson               Technical Director                      250,000
David Abery                Finance Director                        250,000


Due to the reporting requirements of AIM and ASX and the lengthy confidential
negotiations surrounding the Xceldiam agreement as announced on 30 May 2006, the
Company has been in a close period for all of this year and has therefore been
unable to grant options to directors at the time it would ordinarily have done
so. The Remuneration Committee has resolved that the exercise price for these
options be the closing mid-market price of Petra's shares on 15 March 2006,
being 79.5 pence per share. The Company released its interim results to 31
December 2005 on 15 March 2006 and entered another close period in respect of an
ASX quarterly report on 31 March 2006. The Company was in advanced negotiations
that were considered to be price sensitive with Xceldiam during a period which
included 15 March to 31 March 2006 and considered it prudent, with regards to
the AIM and ASX rules, not to grant options at that time.

The options granted to Directors will be subject to the satisfaction of
appropriate performance conditions.

As required under the rules of the ASX that may apply to the Company at the
time, the issue of any shares pursuant to the grant of these options will be
subject to approval of ASX shareholders.



- Ends -



For further information, please contact:

Justine Howarth / Cathy Malins                   Telephone: [phone]
Parkgreen Communications, London



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