Issue of Equity

Petra Diamonds Ld
26 March 2003

                             Petra Diamonds Limited

                     Placing of Ordinary Shares of 10p each



Petra Diamonds Limited announces that it has placed 3,286,641 new Ordinary
shares of 10p each for cash at 20p per share with existing institutional
investors. The proceeds of £657,329 will be used for Angolan operations and to
provide additional working capital.



Application has been made for these shares to be admitted to trading on AIM and
dealings are expected to commence on 28 March 2003.




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