Annual Report and Notice of AGM

Petra Diamonds Limited

("Petra" or the "Company")

Annual Report and Notice of Annual General Meeting

Petra announces that its Annual Report and Accounts for the financial year ended 30 June 2010 ("Annual Report") has been posted to shareholders. The Annual Report is available to view on the Company's website: www.petradiamonds.com.

The Annual General Meeting of the Company will be held at the offices of Memery Crystal LLP at 44 Southampton Buildings, London, WC2A 1AP at 11:00am (London, UK time) on Monday 10 January 2011.

For further information, please contact:

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About Petra Diamonds

Petra Diamonds is a leading independent diamond mining group and an increasingly important supplier of rough diamonds to the international market. The Company offers a unique growth profile within the diamond sector, with a core objective to double annual production to around two and a half million carats by FY 2014 and more than treble production to over three million carats by FY 2019. Beyond this target, the Group's major resource base of 261 million carats provides scope for further organic growth going forward.

Petra has a well-diversified portfolio, with interests in seven producing mines: six in South Africa (Cullinan, Koffiefontein, Kimberley Underground, Helam, Sedibeng and Star) and one in Tanzania (Williamson).

Petra conducts all its operations according to the highest ethical standards and will only work in countries which are members of the Kimberley Process. The Company is quoted on the AIM market of the London Stock Exchange (AIM: PDL). For more information, visit www.petradiamonds.com.