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Petra unveils The Cullinan Heritage

2 February 2010

Petra Diamonds Limited announces that the 507 carat white diamond has been named The Cullinan Heritage. This spectacular and historic gem has been named to reflect the date of its recovery on Heritage Day in South Africa (24 September 2009), as well as its origins from the illustrious Cullinan mine, which has produced the majority of the world’s most famous and important diamonds.

The Cullinan Heritage will shortly be placed on tender in Johannesburg and the Company will announce the sales value achieved for this very rare diamond following completion of the tender towards the end of February.

The Cullinan Heritage, which is of exceptional colour and clarity, is one of the top 20 largest high quality rough diamonds ever discovered.

Johan Dippenaar, Petra’s CEO, commented, “The Cullinan Heritage is not only exquisitely beautiful, but also of true historical importance. Since we announced the recovery of the diamond in September 2009, we have experienced a high level of interest from the trade and we look forward to announcing the results of the sale before the end of the month.”

Photos of The Cullinan Heritage can be viewed in the photo gallery.

For further information, please contact:

Cathy Roberts
Telephone: +44 20 7318 0452
Petra Diamonds, London
cathyr@petradiamonds.com

Bobby Morse / James Strong
Telephone: +44 20 7466 5000
Buchanan Communications
bobbym@buchanan.uk.com / jamess@buchanan.uk.com

James Duncan / Nicola Taylor
Telephone: +27 11 880 3924
Russell and Associates
james@rair.co.za / nicola@rair.co.za

Mike Jones / Ryan Gaffney
Telephone: +44 20 7050 6500
Canaccord Adams (NOMAD and Joint Broker)
mike.jones@canaccordadams.com
ryan.gaffney@canaccordadams.com

Joshua Critchley / Martin Eales
Telephone: +44 20 7653 4000
RBC Capital Markets (Joint Broker)
joshua.critchley@rbccm.com
martin.eales@rbccm.com

About Petra Diamonds

Petra Diamonds is a leading supplier of rough diamonds. A number of acquisitions have established Petra as one of the world’s largest independent diamond groups by resources, with a gross resource base of 262 million carats. Petra increased its annual production fivefold in the year to June 2009 to over 1 million carats and the Company’s objective is to continue to increase supply and develop its stature as a world-class diamond group.

In South Africa, Petra has interests in five producing mines – Cullinan, Koffiefontein, Helam, Sedibeng and Star - and has also agreed to acquire the Kimberley Underground mines from De Beers (this acquisition is expected to complete soon). In Tanzania, Petra has an interest in the Williamson mine.

Petra’s mines are noted for the production of valuable diamonds, but in particular the Cullinan mine is famed as the source of the largest gem diamond ever found. More recently, in May 2009 The Star of Josephine, an internally flawless, fancy vivid blue diamond of 7.03 carats from the Cullinan mine, sold for US$9.4 million (US$1.35 million per carat), and in September 2009 The Cullinan Heritage, a white diamond of over 507 carats, was recovered.

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).