Rockwell Estimates Nine Month Earnings

May 23, 2008, Vancouver, BC — Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX: RDI; JSE: RDI; OTCBB: RDIAF) advises shareholders that earnings per share for the nine month period ending 29 February 2008, being the date the Company has changed its financial year end, is expected to show an estimated loss of approximately $0.05 per share. Basic and fully diluted per share loss figures will be included in the definitive statements. It should be noted that the historical results published in the prelisting statement dated 29 November 2007 was for the 12 months ended 31 May 2007, which was the original financial year end of the Company.
The financial information on which this trading statement is based has not been reviewed or reported on by the Company’s auditors. The audited results for the financial year ended 29 February 2008 are expected to be published on or about 28 May 2008.

For further details on Rockwell Diamonds Inc., please visit the Company’s website at www.rockwelldiamonds.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.

John Bristow
President and CEO

No regulatory authority has approved or disapproved the information contained in this news release.
Forward Looking Statement

This release includes certain statements that may be deemed “forward-looking statements”. Other than statements of historical fact all statements in this release that address future production, reserve or resource potential, exploration drilling, exploitation activities and events or developments that Rockwell expects are forward-looking statements. Although Rockwell believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Rockwell, Investors should review Rockwell’s annual Form 20-F filing with the United States Securities and Exchange Commission www.sec.com and Rockwell’s home jurisdiction filings that are available at www.sedar.com.