Proposed Acquisition

Petra Diamonds Ld
28 February 2001


                            FOR IMMEDIATE RELEASE

                                                        
                            PETRA DIAMONDS LIMITED


28 February 2001


Petra Diamonds Limited ('the Company') announces that no approval to the
proposed acquisition of certain assets of New Diamond Corporation has yet been
received from the South African Reserve bank.  Further announcements will be
made as soon as information is available.


END