Option Exercise

Petra Diamonds Ld
31 May 2006


31 May 2006


                             Petra Diamonds Limited
                           ('Petra' or 'the Company')

                    Exercise of Share Options by a Director


Petra announces that on 30 May 2006 Kevin Dabinett exercised options over
250,000 shares which had vested in June 2005, the options having an exercise
price of 54.5 pence per share.

As announced on 10 May 2006, Mr Dabinett will be leaving the Company today. All
other options previously granted to him have not yet vested and will lapse in
accordance with the rules of the Petra option plan.


- Ends -



For further information, please contact:

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



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