Mr. Frank Waldron, Chairman of Diamond Fields International Ltd. (DFI-TSE), is pleased to announce that diamond prices have continued to rebound strongly and are now approaching prices achieved in 2000. Prices from the recently completed sale of diamonds produced from DFI’s joint venture with Trans Hex Group have achieved prices that are 12% above the previous quarter ended March 31, 2002 and almost 40% above the lows of mid-October 2001.

“Global events had caused prices for marine diamonds to fall to eight-year lows by mid-October 2001. As a result, Diamond Fields has been disclosing the progress of diamond prices over the last few months in an effort to keep the market and our shareholders advised and to satisfy any concerns. We will now revert to our policy of announcing sales on a quarterly basis,” said Mr. Waldron.

“We are pleased to see the diamond market return to previous levels. Our low production costs will allow our operations to be even more profitable at these diamond prices.”

ON BEHALF OF THE BOARD OF DIRECTORS OF
DIAMOND FIELDS INTERNATIONAL LTD.
Francis J. Waldron
Chairman and Chief Executive Officer

For further information contact:
Earl Young at 1-214-219-1439
or H.D. Lee at 1-604-682-2113

Website – www.diamondfields.com

Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Diamond Fields’ periodic filings with Canadian Securities Regulators. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Diamond Fields does not assume the obligation to update any forward-looking statement.