Grant of Share Options

Petra Diamonds Ld
07 December 2007

7 December 2007
                                        AIM:PDL


                             Petra Diamonds Limited

                               Directors Dealing

                             Grant of Share Options

Petra Diamonds Limited ('Petra' or 'the Company') announces that the Company's
Remuneration Committee resolved on 6 December 2007 to grant the following share
options over ordinary Petra shares:

Adonis Pouroulis           Chairman                               300,000
Johan Dippenaar            Chief Executive Officer                300,000
Jim Davidson               Technical Director                     300,000
David Abery                Finance Director                       300,000


Due to the confidential bid process for the Cullinan diamond mine which was
underway from 8 October 2007 (when the Company released its preliminary results)
to 22 November when the Company signed the agreements for the consortium to
acquire the Cullinan mine, the Company has been in a close period and was
therefore unable to grant options when the preliminary results were released, as
it would ordinarily have done so.

Therefore the Remuneration Committee has resolved that the exercise price for
these options be the closing mid-market price of Petra's shares on 8 October
2007, being 125 pence per share, which is the exercise price at which the
options would have been granted but for the close period due to the Cullinan bid
process.

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


Ends


Cathy Malins                                     Telephone: [phone]
Petra Diamonds, London

Justine Howarth / Louise Goodeve                 Telephone: [phone]
Parkgreen Communications, London

Adrian Hadden                                    Telephone: [phone]
Collins Stewart, London


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