Trading Statement

Petra Diamonds Ld
27 November 2001


FOR IMMEDIATE RELEASE

PETRA DIAMONDS LIMITED ('PETRA' OR 'THE COMPANY')


On 22 October 2001 the Company announced that it had acquired 80% of Cancun
Trading £85 (Pty) Ltd ('CT') for a cash consideration of ZAR1.00.

The vendors of CT warranted and represented that CT had the right to mine for
diamonds on the Remainder of the Farm Koppieskraal £140, ('Koppieskraal'). The
vendors also warranted that CT had the right to process a diamond tailings
dump situated on the farm Schutsekama £53 ('Schutsekama').

In breach of the warranties and representations and unbeknown to the Company,
the Vendors did not have the rights at the time.  Subsequently, the vendors
procured the rights to Koppieskraal but they are still not in a position to
fulfil their warranties in respect of Schutsekama.

In addition, the Company's own investigation of the mining economics and
commercial viability shows that the vendors' indicated grades are unlikely to
be achieved.

In the light of the above, it is not in the best interests of the Company or
the shareholders to continue with the project.  In the circumstances the
Company has elected to cancel its purchase agreement, as it is entitled to do.

The decision will have no material effect on the Company's trading in the
current financial year.  The Company will continue to look for appropriate
diamond mining opportunities.

27 November 2001

END


For further details please contact:

Howard Drummon

Keith Bayley Rogers                 (UK) 207 827 9988


Brian Moritz

Grant Thornton                       (UK) 207 383 5100


Adonis Pouroulis

Petra Diamonds SA (Pty) Ltd               (SA) 00 27 11 460 1784