Diamond Circle Capital Plc
18 June 2007


These written materials are not for distribution (directly or indirectly) in or
to the United States, Canada, Australia or Japan. They do not constitute an
offer of securities for sale in or into the United States, Canada, Australia or

The securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"); and may not be
offered or sold in the United States absent registration or an exemption from
the registration requirements of the Securities Act. The Company does not intend
to register any portion of the Offering in the United States or to conduct a
public placing of securities in the United States.

This announcement is an advertisement (within the meaning of the Prospectus
Rules made under section 73A of the Financial Services and Markets Act 2000) and
not a prospectus and investors should not subscribe for or purchase any
securities referred to in this announcement except on the basis of information
in the prospectus to be published by the Company in due course in connection
with the admission of such securities to the main market of the London Stock
Exchange plc (the "Prospectus"). Copies of the Prospectus will, following
publication, be available from the Company's registered office.

          Diamond Circle Capital announces launch of first 
                 ever London-listed diamond fund IPO

London/Lausanne, 18 June, 2007 - Diamond Circle Capital plc ("the Company"), a
newly incorporated closed-ended investment company registered and incorporated
in the Isle of Man, formed to invest in large high-quality polished physical
diamonds, today announces the launch of its initial public offering ("IPO") and
its intention to seek a listing on the London Stock Exchange's main market for
listed securities.

The Company's investment objective is to produce long-term appreciation of its
portfolio of diamonds. To achieve this, the Company intends to create a
portfolio of polished diamonds focused on the high quality segment of the
diamond market with a minimum investment of around US$1 million per individual
stone. It is anticipated that the portfolio will comprise white diamonds as well
as rare coloured diamonds. The Company is intended to offer investors a
relatively cost-efficient, listed instrument for exposure to the diamond market.

The key highlights are:

   * The IPO is targeted to raise approximately US$400 million through an
     offering of Ordinary Shares to investors in the United Kingdom and
     elsewhere. The minimum offer size is US$150 million.
   * The Company will be managed by Diapason Commodities Management, S.A.,
     (the "Investment Manager" or "Diapason") which will be responsible for the
     day-to-day management of the Company's diamond portfolio and other assets.
     Diapason Commodities Management is one of the largest commodity investment
     managers in the world and, as of 30 March 2007, managed and/or oversaw
     approximately US$6 billion of funds and investment vehicles in various
     commodities programmes.
   * Operating with the investment policies of the Company, Diapason intends
     to build a portfolio of large high-quality white and coloured polished
     diamonds, diversified by carat weight, colour, clarity and cut, with a
     minimum investment of around US$1 million per individual stone.
   * The Investment Manager has assembled a team of highly experienced
     diamond industry specialists in connection with the Company comprising 
     three diamond traders (employed by the Investment Manager), a Board of 
     Experts and Independent Valuators.
   * Structure, cash and liquidity management of the Company are intended to
     be in compliance with Shariah principles.
   * It is expected that Admission will become effective and that dealings in
     the Ordinary Shares will commence on or around 8.00 am (London time), on 10
     July 2007.
   * UBS Limited will act as Global Coordinator, Sponsor and Bookrunner for
     the IPO

The Investment Manager believes the Company represents an attractive investment
opportunity because:

   * Catalysts for growth in investment demand for large high-quality
     diamonds are in place, underpinned by the rising number of high net-worth
     individuals, especially in the Middle East, Southeast Asia and the Russian
   * There are structural supply constraints in the diamond mining industry
     with limited production momentum, signified by a steadily declining mineral
     reserve base compounded by limited exploration success and relatively high
     barriers to entry.
   * Inventories of rough diamonds are at historically low levels with a
     significant stockpile having been reduced to working capital levels over 
     the past decade.

Stephan Wrobel, a Founding Partner of Diapason Commodities Management, S.A.

"We are delighted to be the first pure-play listed diamond investment fund
offering, providing investors unique access to the high-quality diamond market.
The fundamentals of the diamond market provide a very positive backdrop, with a
marked increase in demand coming from new markets, supply constraints in the
diamond mining industry and inventories of diamonds at historically low levels.
Diamond Circle Capital Plc will offer investors a relatively cost-efficient,
listed instrument, providing exposure to the polished diamond market, where
there has traditionally been limited access to investment opportunities."


Adrian Lewis      +44 20 7567 8000

Sarah Hamilton    +44 20 7153 1538 / +44 7836 295 291 hamilton@mcomgroup.com
Ed Orlebar        +44 20 7153 1523 / +44 7738 724 630 orlebar@mcomgroup.com
Jonathan Gollins  +44 20 7153 1268 / + 44 7973 749 265 gollins@mcomgroup.com

Notes to Editors

The Diamond market*

   *The value of the worldwide diamond jewellery retail market was estimated
    at US$61 billion in 2005, up from US$50 billion in 2002. It is expected to
    grow by 3% annually to reach US$90 billion in 2015
   *One of the major drivers of diamond demand is the increased spending
    power of the new middle class in the major emerging markets of China, 
    Russia, India, Asia and Latin America
   *In recent years, the diamond industry has experienced a declining reserve
    base and increased production costs due to lower grades and cost inflation
   *Global diamond mining cost inflation is partly driven by deeper mining
    and off-shore mining operations, but also general shortage of mining
    materials and skilled labour around the world
   *Supply constraints along with an expected growth in demand results in
    forecasted demand outstripping supply by up to US$7 billion by 2012
    especially with larger high-quality diamonds expected to become increasingly

* Sourced from Tacy Limited Report on the Diamond Market

Use of Proceeds

The Company intends to use at least 90% of the net proceeds of the Offer to
acquire a portfolio of diamonds meeting the Company's investment objective in
accordance with the Company's investment policies and strategy. The remaining
percentage of the net proceeds of the offer is intended to be invested in
Sharia-compliant products and used for working capital purposes.

Net Asset Value announcements

The Company's Net Asset Value and the Net Asset Value per Share, based on
independent valuations, will be published on the Company's website and through
RNS (London Stock Exchange approved regulatory news service) on a monthly basis,
once listed. The Company also intends to publish a monthly update on the
Company's diamond portfolio.

Important Information

The contents of this announcement, which have been prepared by and are the sole
responsibility of Diamond Circle Capital plc, have been approved by UBS Limited
solely for the purposes of section 21(2)(b) of the Financial Services and
Markets Act 2000.

UBS Limited is acting for the Company and no one else in connection with the
proposed Offering and will not be responsible to anyone other than the Company
for providing the protections afforded to its clients or for providing advice in
relation to the proposed IPO or any other matter referred to herein.

The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy or

This announcement does not constitute or form part of any offer to issue or
sell, or any solicitation of any offer to subscribe or purchase, any investments
nor shall it (or the fact of its distribution) form the basis of, or be relied
on in connection with, any contract therefor.

The contents of this announcement include statements that are, or may deemed to
be "forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "anticipates", "expects", "intends", "may", "will" or
"should". By their nature, forward-looking statements involve risks and
uncertainties and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. The Company's actual results and
performance may differ materially from the impression created by the
forward-looking statements. The Company undertakes no obligation to publicly
update or revise forward-looking statements, except as may be required by
applicable law and regulation (including the Prospectus Rules and the Listing

Acquiring investments to which this announcement relates may expose an investor
to a significant risk of losing all of the amount invested. Persons considering
investing in such investments should consult an authorised person specialising
in advising on such investments. This announcement does not constitute a
recommendation concerning the IPO. The value of shares can go down as well as
up. Potential investors should consult a professional advisor as to the
suitability of the IPO for the person concerned.

The Offering will only be made available (i) in the UK and elsewhere outside the
US, to institutional investors and certain other investors in reliance on
Regulation S, and (ii) in the US to qualified institutional buyers (in reliance
upon Rule 144A or another exemption from, or transaction not subject to, the
registration requirements of the Securities Act).

The information contained herein is not for publication, distribution in or
into, directly or indirectly, the United States of America. These materials do
not contain or constitute an offer of securities for sale in the United States.
The securities referred to herein have not been and will not be registered under
the US Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration under that Act or an available exemption from
it. The Company does not intend to register the securities or conduct a public
offering in the United States.

In connection with the Offering, UBS Limited (or any of its agents or other
persons acting for it) may (but will be under no obligation to), to the extent
permitted by law, over-allot or effect other transactions to support the market
price of the Company's ordinary shares or any rights with respect to, or
interests in, the ordinary shares, in each case at a level higher than that
which might otherwise prevail in the open market. Such transactions may be
effected on any securities market, over-the-counter market, stock exchange or
otherwise. There can be no assurance that such stabilising transactions will
occur and, if commenced, they may be discontinued at any time and may only be
taken during the period commencing on admission of the ordinary shares up to and
including the date which is 30 days thereafter. In no event will measures be
taken to stabilise the market price of the ordinary shares above the offer
price. Save as required by law or regulation, neither UBS Limited nor any of its
agents intends to disclose the extent of any over-allotments and/or
stabilisation transactions under the IPO.

In connection with the IPO, UBS Limited may, for stabilisation purposes,
over-allot ordinary shares up to a maximum of 15% of the total number of
ordinary shares comprised in the IPO (before exercise of the over-allotment
option) and UBS Limited proposes to enter into over-allotment arrangements with
the Company pursuant to which UBS Limited may subscribe for, or procure
subscribers for, ordinary shares at the offer price representing 15% of the
number of ordinary shares comprised in the IPO (before exercise of the
over-allotment option), to allow it to cover short positions arising from such
over-allotments and stabilising transactions. The over-allotment option will be
exercisable in whole or in part, on notice by UBS Limited, at any time during
the period commencing on admission of the ordinary shares up to and including
the date which is 30 days thereafter. The over-allotment shares made available
pursuant to the over-allotment arrangements will be sold at the offer price, and
will rank pari passu with, the ordinary shares sold in the IPO, including for
all dividends and other distributions declared, made or paid on the ordinary
shares after admission and will form a single class for all purposes with the
ordinary shares.

                      This information is provided by RNS
            The company news service from the London Stock Exchange