Directorate Change

24 September 2012

Paragon Diamonds Limited

("Paragon" or the "Company")

Appointment of Director

(AIM: PRG)

Paragon Diamonds Limited, the AIM quoted African focused diamond development and production company, is pleased to announce that Martin Doyle will join the Company's Board of Directors. Martin was most recently the Senior Vice President ("SVP"), Exploration for De Beers Canada and held this role from 2005 to 2011.

Martin begun his career with Anglo American in 1977 as a field geologist conducting diamond exploration in Botswana and he has worked in many other parts of the world in progressive roles for De Beers and Anglo American.

These roles include the pioneering evaluation of marine diamond deposits and the development of seabed mining systems for De Beers Marine in South Africa; the exploration and investigation of seabed gold deposits in Chile; managing exploration research and support services for Anglo American in South Africa before returning to diamond exploration for De Beers in Brazil, Uruguay and Venezuela.

In his ultimate role as the SVP of Exploration for De Beers Canada he was an integral member of the management team that oversaw the transformation of De Beers Canada from an exploration company into a producing diamond company with two mines opening in 2008.

Martin graduated in 1977 with a BSc (Hons) Geology from the University Of Aberdeen, Scotland and in 1987 graduated with an MBA from the University of Cape Town, South Africa.

He is a Registered Professional Geologist (P.Geo) of the Association of Professional Geoscientists of Ontario (APGO), a Fellow of the Society of Economic Geologists (SEG), a Director of Debut Diamonds (DDI), A Director of the Prospectors and Developers Association of Canada(PDAC) and a Director of the Canadian Mining Innovation Council(CMIC).

Paragon Chairman, Francesco Scolaro commented: "I welcome Martin to the Board of Directors of Paragon Diamonds. His role will greatly assist our management team in Lesotho to moving our projects towards production and at the same time offering the Board expertise in identifying and evaluating other opportunities across the global diamond industry"

Appendix

Apart from the information disclosed below there is no other information required to be disclosed under Rule 17 and Schedule Two, paragraph (g) of the AIM Rules.

 Mr. Martin Doyle, aged 58, has held the following directorships over the last five years:

For further information: