Update re removal from ASX

Petra Diamonds Ld
05 February 2007

                             Petra Diamonds Limited



                    Update - Removal from ASX Official List





Petra Diamonds Limited ('Petra' or 'the Company'), the AIM-quoted and ASX-listed
diamond group, refers to the Company's announcement made on 7 December 2006 and
the corresponding letter to shareholders whose ordinary shares in the capital of
the Company (Petra Shares) were registered on the Australian share register of
the Company (Australian Shareholders) at the close of business on 7 December
2006, in relation to the proposed removal of the Company from the official list
of the ASX (ASX Delisting).



To assist those persons who at this time continue to hold shares in the Company
registered on the Australian register, Petra wishes to outline some important
dates in relation to the ASX Delisting:

1.                   7 March 2007:  Petra Shares will be suspended from trading
on ASX at the close of business on 7 March 2007 (Suspension Date).

With effect from the Suspension Date, it will not be possible to trade Petra
Shares on ASX and the only market on which Petra Shares can be traded will be
the Alternative Investment Market of the London Stock Exchange Limited (AIM).

Australian Shareholders at the close of business on the Suspension Date will
have their electronic holdings on the ASX register of the Company converted to
certificated holdings on AIM.

2.                   14 March 2007:  The date the Company will be delisted from
the Official List of the ASX.

3.                   14 September 2007:  The date on which the facility arranged
by the Company and provided by Baker Young Stockbrokers Limited (Baker Young) to
assist Australian Shareholders in trading Petra Shares on AIM will close. This
facility is currently in place and available to Australian Shareholders who wish
to transact Petra Shares on AIM prior to the ASX Delisting. Mark Potter and
Caroline Sale of Baker Young can be contacted on [phone] in relation to
the facility.



Further details concerning the ASX Delisting and trading Petra Shares on AIM are
set out in the Company's letter to Australian Shareholders dated 7 December
2006.



Ends





For further information, please contact or visit www.petradiamonds.com


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




                      This information is provided by RNS
            The company news service from the London Stock Exchange                   IE