Directorate Change

Paragon Diamonds Limited

("Paragon" or the "Company")

(AIM: PRG)

Directorate Change

Paragon Diamonds Limited, the AIM quoted African focused diamond development and production company, announces the appointment of Luc Huyghebaert as Non-Executive Chairman of the Company with immediate effect.

The Company also announces that Frank Scolaro has today stepped down as Chairman of the Company in order to concentrate on other projects.

Mr. Huyghebaert (aged 49), has been active in the City for the last 16 years, both in the traditional and alternative investment spaces. He started his investment career with Fidelity Investments in 2005, after obtaining an MBA at IMD in Lausanne in 1994. Since 2000 he has mainly been active in the hedge fund and private equity space. From 2006 to 2011 he was independent director on the board of the Clarkson Shipping Hedge Fund. Prior to his City career, he was active within the Société Générale de Belgique group in Brussels, Singapore and Singapore from 1986 onwards and later worked extensively in the former USSR and Africa in the non-ferrous metals industry for Union Minière.

Simon Retter, Finance Director, commented:

"We are very pleased to be able to welcome someone with the extensive corporate experience as Luc Huyghebaert to our Board, and believe that he will be able to make a significant contribution to the development of the Company. The board appreciates the significant value that Mr Scolaro has contributed to the company as Chairman since its formation, but recognise that this transition is a natural step in the development of the company as an independent entity. Mr Scolaro remains committed to the Company as a major shareholder through his interests held by Grandinex International Corp and Obtala Resources Limited, in which he holds the position of Executive Chairman."

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