Corporate Presentation September 2010

TSX:RDI JSE:RDI OTCBB:RDIAF

2

Forward looking statements This presentation includes certain statements and other information that may be deemed "forward-looking". Other than statements of historical fact all statements in this presentation that address future production, resource potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements.

Although the Company 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, availability of capital and financing, and general economic, market or business conditions.

Forward-looking statements are also based upon management’s assumptions regarding the Company’s future operations growth prospects, and conditions affecting the mining industry generally. Investors are cautioned that any such statements are not guarantees of future performance and that 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 the Company's home jurisdiction filings that are available at www.sedar.com.

Except to the extent required by law, the Company is under no obligations to update any forward looking statements contained in this presentation.

3

Rockwell value-chain

Project development

Mining Product leverage

Focus: Low grade alluvial projects Rare gemstones

Organic growth Acquisitions Low Capex + Opex

Strengths: Geological expertise Grade reconciliation Plant construction Low cost operator

Unique diamond product: Large + coloured gemstones Partnerships to add-value

Price improvement Strong market fundamentals –

gemstone supply declining

4

Rockwell Diamonds Inc

Saxendrift Mine

Operational

Mine

Wouterspan Mine

New Plant

Development Mine

Holpan Mine

Operational

Mine

Klipdam Mine

Operational

Mine

Tirisano Mine

New

acquisition; Production expansion

Klipdam Ext Project

Bulk-

sampling Project

Saxendrift Gekko Jig

Project

Bulk- sampling Technology

Development

Established alluvial diamond mining and development company

Growth plan to build critical mass and expand production

Focus on well known South African alluvial diamond deposits

5

Rockwell operations + project localities N Cape and NW Provinces, South Africa

Springbok

Koa River

Valley

Lower Orange

River

Prieska

3: MOR Wouterspan

Douglas

Middle

Orange

River

Kimberley Bloemfontein

Vaal River

Bloemhof

Johannesburg Ventersdorp

Pretoria

Botswana

Namibia

Zimbabwe

Swaziland

Lesotho

RSA

0 300 Kilometres

N

Vaal River

Riet

River

2: VAAL RIVER Holpan+Klipdam Klipdam-Extension

Saxendrift

1:VENTERSDORP Tirisano

Project hubs in historic alluvial diamond provinces; production since 1860’s and 1920’s Excellent Infrastructure:

Located on major road/rail systems

Connected to Eskom power grid

Within 2 hours of major airports

Close proximity of operations

centralized management, shared services and skills; reduce costs

optimise use of equipment

6

Financial snapshot

Low-cost producer and developer ~ 30,000 carats per annum currently ~22 years Life of Mine from existing resources Cash cost < US$ 6 per cube cost base (<$3 per tonne)

Exceptional rough diamond value US$1,536/carat - FY2007 US$1,754/carat - FY2008 US$2,086/carat - FY2009 US$1,012/carat - FY2010 Q1 FY2011 ~ US$1,611/carat

Cash flow at Operations – (FY 2010)

Revenue C$35million EBITDA C$9.5million (FY2010)

Unique beneficiation partnerships Add-margin (average 10-15%) on rough value via Flawless and SDG partnerships

Symbols: TSX:RDI JSE:RDI OTC: RDIAF Shares on Issue: 518 million Share price: CAD 7 cents (3 September 2010) Fully diluted: 540 million

7

Rockwell Management and Directors Position Person Experience Board of Directors

President & CEO Dr John Bristow 25 years in diamond exploration, evaluation, + mining ; 12 years with De Beers

David Copeland (Chairman) John Bristow

COO Graham Chamberlain Mining engineer, 25 years experience: project management + financial skills

Mark Bristow Sandile Zungu Richard Linnell

CFO Gerhard Jacobs Extensive mining and corporate experience Willem Jacobs Gary Wu

Diamond Marketing & Sales Manager

Jeffrey Brenner Rough diamond expert

Mineral Resource Manager Glenn Norton Diamond and Coal; exploration and mining.

Qualified person

Manager Middle Orange Operations

Ben Nell Extensive diamond mining + operational experience; RSA and Africa

Manager Vaal River Operations Koggie Mostert Process engineer with extensive Rotary-pan plant expertise

Manager North West Operations Leon Meyer Electrical engineer with Process engineering, metallurgical and plant construction experience.

HR/IR Group Manager Richard Mhlontlo IR, HR, Training, Employment Equity

Financial Manager - Operations Johan Oosthuizen Ex-DeBeers, Eskom Pension Fund Manager

8

Producer of large and exceptional gem diamonds

Saxendrift large stones September-October 2009

Saxendrift coloured stones – salmon pink; intense yellow

October 2009

9

Diamond size distribution analysis deposit “DNA” provides statistical tool

0.01

0.1

2 51020

4060

80909598

1000.01 0.1 1 10 100

Carats per Stone (Z)

Per

cent

age

Car

ats

Gre

ater

than

ZVE KLIPGAT

SW RIVERVIEW

BW HOLPAN

MOR WPANMiddle Orange River

Holpan-Klipdam

Vaal River

Ventersdorp

> 1 carat

60%

Rockwell production is exceptional - >60% are larger than 1 carat

10

2008 2009 2010

95

100

105

110

115

120

125

130

135

SOURCE: Idex

Idex Polished Diamond Price Index

Peak: August 2008 = 128.9

Average: April – November 2009 = 108+

May 2010 = 116.5

Rough and polished price trends

80

90

100

110

120

130

140

150

160

BMO Rough Diamond Price Index Forecast BMO Rough Diamond Price Index

SOURCE: BMO Capital Markets

BMO Research Rough Diamond Index, Rebased to 2000=100

• Rough diamond prices fell ~50% late-2008 • Price recovery since mid-2009 due to destocking of the diamond pipeline created by

De Beers and Alrosa cuts in production and sales

11

$200.00

$400.00

$600.00

$800.00

$1,000.00

$1,200.00

$1,400.00

$1,600.00

$1,800.00

$2,000.00

February April May June July August November February April May

US$

/car

at

US $/ct Linear (US $/ct)

Steady improvement in prices from mid-2009 2nd Quarter FY 2009 sales improved 54% over 1st Quarter FY 2010 average: US$1,012/carat Q1 FY 2011 ~ US$1,611/carat

Rockwell diamond sales prices - 2009 - 2010

August sale of small parcel to State Diamond Trader

12

$200.00

$1,200.00

$2,200.00

$3,200.00

$4,200.00

$5,200.00

$6,200.00

$7,200.00

$8,200.00

$9,200.00

US$

/car

at

US $/ct Linear (US $/ct) Linear (US $/ct)

Long-term average ~ US$1,500 per carat (excludes special stones sold in late 2008) Steady increase in prices through late-2009 and into 2010 after 2009 recession Fiscal 2010 ~ US$ 1,012/carat

Long-term average sales value (2007 – 2010)

189.6 carat D-flawless stone - Klipdam

First Sale after November 2008 market crash

~US$1,500/carat

13

Rockwell rough diamond production – average US$/carat

$90/carat <0.3 c/stone #

$900/carat ~1.2 c/stone #

$2000/carat ~2.5 c/stone #

World Diamond Average

$600/carat ~0.9 c/stone #

Tirisano (North West Province, RSA)

Holpan/Klipdam (Vaal River, RSA)

Saxendrift /Wouterspan (Moro, RSA)

Small diamonds used in lower price

point and pave jewelry

Engagement rings, mid to high price

point jewelry

Engagement rings, high price

point jewelry

High-end luxury jewellery;

High Net Worth Individuals

Investment Stones

# - Rough stone average sizes

14

Vaal River operations Holpan mine + plant Klipdam mine + plant

Processing Plant

Holpan Klipdam

Rooikoppie resource

Palaeochannel, Rooikoppie

1 x Scrubber 1 x Scrubber

200 tph DMS 2 x 18ft Rotary-pans (low-cost)

6 Flow-sort X-ray machines

4 Flow-sort X-ray machines

Grease Plant Grease Plant

Ongoing Optimisation

Holpan Klipdam

Installation of 3rd Trommel Screen

Installation of hands off sorting

1 – 2 year of resource (43-101)

1 – 2 year of resource (43-101)

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MOR operations - Saxendrift mine + plant Flagship operation – US$2000 per carat product

Ongoing Optimisation

New high throughput scrubbers

In pit screening plant (pre-concentrate, reduce tramming costs, increase plant efficiency)

Further cost reductions : ~US$5 per cube

Processing Plant

4 x 18ft Rotary-pans

4 x Scrubbers

10 X – ray machines

1 x optical sorter

PLC Controlled

16

Tirisano mine acquisition – N W Province fast track plant reconstruction with enhancements

Modernise and re –commission Processing plant

Improve plant layout – 4 module Rotary-pan plant similar to Saxendrift

Upgraded front-end screening plant to address high clay content

4 large scrubbers to remove clay fraction

8 x 16ft Rotary-pans

8 Flow-sort X-ray machines

2*50 tph DMS units available for utilization

Section-11 application in process with DMR; Transaction documents in final draft

Salient Features

Large well evaluated diamond resource : 50 m cubes or 100 m tonnes (additional resource to be added)

Grade: ~ 2.7 cphc; double that of N Cape operations

Excellent gemstone production ~ US$600 – 900 per carat

17

MOR - Wouterspan modernization on care + maintenance

Old Plant New Plant

90,000 m³/M 180,000 m³/M

600 carats/M 1,100 carats/M

12 x 16ft Pans 4 x 18ft Pan

Plant modernization Capital Expenditure Processing plant

~ R 50 million (US$ 7 million)

Earthmoving equip. ~R50 million

Pay Back 12 months

Cash Cost US$/m³ $3.00

US$/Carat 1,800

NPV US$ ~$72,000,000

Unique diamond population e.g. 152 carats, Flawless D color

US$4.3million (US$28,000/ct)

18

Rockwell mining fleet, processing + recovery plant

Saxendrift Wouterspan*

Holpan Klipdam Tirisano Klipdam Ext

Gekko Jigs

Plant Capacity m³/month

120,000 180,000 90,000 90,000 90,000 50,000 30,000

X- Ray Sorters

10 7 7 4 8 2 2

Excavators 2 2 2 2 2 2 0

Long Haul Trucks

0 3 0 0 3 0 0

ADT’s 10 8 8 8 4 5 2

Bull Dozers 2 2 0 2 1 1 0

Loaders 6 4 3 4 4 3 1

Graders 1 1 1 1 1 1 0

Tracked Dozer

Wheeled Dozer

Grader

Excavator

ADT Trucks

Long Haul Trucks

Loaders

TLB's

Owner operator – NAV ~C$30 million

* Wouterspan: Planned new large volume low cost plant

19

Rockwell production profile 2007 - 2010

0

500

1000

1500

2000

2500

3000

3500

01/2

007

02/2

007

03/2

007

04/2

007

05/2

007

06/2

007

07/2

007

08/2

007

09/2

007

10/2

007

11/2

007

12/2

007

01/2

008

02/2

008

03/2

008

04/2

008

05/2

008

06/2

008

07/2

008

08/2

008

09/2

008

10/2

008

11/2

008

02/2

009

03/2

009

04/2

009

05/2

009

06/2

009

07/2

009

08/2

009

09/2

009

10/2

009

11/2

009

12/2

009

01/2

010

02/2

010

03/2

010

04/2

010

05/2

010

Car

ats

Total Carats Linear (Total Carats)

2 month shutdown - International Credit Crunch (December 2008 – February 2009); Wouterspan on care and maintenance

3 Operations (24/7) 4 Operations (24/5) 3 Operations (24/5)

Industrial Action Annual Christmas – New Year shut-down

Developing additional operations to smooth production

20

Mining cash costs – US$ per cube excludes depreciation, royalties + H/O

Cash cost target - < $6 per cube Three current operations - Holpan, Klipdam, Saxendrift Wouterspan on care & maintenance from February 2009 January through February 2010 cost increase - lost production days due to exceptionally heavy summer rainfall & flooding

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

US

Dol

lars

US$/m3

-

10.00

20.00

30.00

40.00

50.00

60.00

70.00

Sout

h Af

rican

Ran

ds

ZAR/m3

21

Downstream value-add partnerships

Flawless Diamond Trading House (FDTH)

Internationally recognized marketing and sales facility (Johannesburg) Rockwell holds 20% in FDTH Platform to market, sell, and leverage Rockwell production Exploring new opportunities and markets for Rockwell e.g. China

SDG profit share agreement (+10carat stones)

102c Vivid Yellow + 25c yellow Value-add: ~50% on rough price (to RDI) MOR Rough stone : 212c Yellow

Rough price: US$2.44m (to RDI)

22

Rockwell growth plan create critical mass and scale

Short-term - Years 1- 2 Expand production: 2,500 -> 4,000 carats Install Saxendrift in-pit screening unit; evaluate Klipdam-Extension Conclude Etruscan acquisition, re-commission Tirisano mine (4th operation) Modernize, re-commission Wouterspan (5th operation)

Years 3- 6

Expansion to ~10,000 carats per month (+120 000 pa): Develop quality project pipeline for “organic growth” e.g. Niewejaarskraal; Wouterspan Phase 2 expansion; Tirisano Phase 2 expansion “M+A” activity to add value e.g. Tirisano acquisition

Revenue target +C$50 million per annum in ~ 5-years Enlist support of strategic investors to create a leading gemstone diamond producer Larger + improved mix of diamonds - leverage sales + beneficiation

23

Proposed production growth plan (carats)

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

Fy2011 Fy2012 Fy2013 Fy2014 Fy2015 Fy2016

Car

ats

Per M

onth

Years

Holpan Klipdam Klipdam Ext Saxendrift

Saxendrift Jigs Tirisano A Wouterspan A Tirisano B

Wouterspan B Niewejaarskraal A Niewejaarskraal B

24

Proposed Rockwell growth plan conservative scenario

FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY12 2016

Carats 35,305 56,971 88,152 88,152 106,512 116,232

Ave US$/ct 1 062 1 118 1 204 1 204 1 457 1 478

Earnings Pre-tax (CAD) $400 000 $ 13 m $ 45 m $ 42 m $ 73 m $ 107m

Earnings Post Tax (CAD) $ 400 000 $ 10 m $ 30 m $ 28 m $ 50 m $ 75 m

EXPANSION CAPEX $ 6 m $ 40 m # $ 10 m $ 20 m $ 10 m $0

NET CASH POSITION ($30 m) $20 m $8 m $39 m $75 m

CONSOLIDATED CASH POSITION $ 109 m

Capital Expenditure: C$30 m in FY2012 - assessing EPC (engineering, procurement, construction) project development options and Contract mining operators to reduce Capital costs in FY2012

Assumptions: • MOR diamond values: US$1800 per carat (actual: ~US$2000/carat) • Tirisano diamond values: US$600/carat (expected US$700- 800/carat) • USD:Rand: = 7.5 CAD:Rand = 7.2

25

Investment summary

Established producer - quality assets – unique & rare diamonds Production base + strong operations team Excellent pipeline of “brownfield” projects for organic growth Acquisitions to fast track growth – benefit from window of opportunity (e.g. Etruscan) Creating critical mass + scale Leverage improving diamond prices & growth Benefit from positive long-term market

fundamentals – world gemstone diamond supply declining

Matching 10carat vivid yellows cut from a 35c Wouterspan stone

26

Appendices

27

Rockwell alluvial diamond resources Significant growth in 5 years (2006 – 2010)

Inferred

Resources m3

Grade cphm3

Indicated Resources

m3

Grade cphm3

43-101 Diamond Value $/ct

Current Diamond Value $/ct

Carats

Wouterspan 37,774,000 0.70 5,025,500 0.70 $1,511.00 $1,800.00 299,597

Holpan 5,937,000 0.74 1,137,300 0.74 $671.00 $800.00 52,350

Klipdam 2,816,163 0.91 1,135,200 0.91 $915.00 $524.00 35,957

Saxendrift 4,358,000 0.72 5,063,000 1.01 $1,075.00 $1,800.00 82,514

Niewejaarskraal 20,630,500 0.84 $1,075.00 $1,800.00 173,296

Kwartelspan 1,385,000 1.50 $793.00 $1,800.00 20,775

Zwemkuil-Mooidraai 1,640,000 0.95 $827.00 $1,800.00 15,580

Holsloot 11,503,000 1.15 $1,146.00 $1,800.00 132,285

Tirisano* 15,334,000 2.37 25,279,800 2.37 $520.00 $910.00 962,547

Total 101,377,663 1.06 37,640,800 1.87 1,774,900

Holpan and Klipdam Specific Gravity = 1.85; Wouterspan and the South Bank MORO Specific Gravity = 2.1 *Niewejaarskraal resources reported as of 2009, had previously been included in Saxendrift Resources for 2008

Approximately 202 million tonnes of inferred + 70 million tonnes of indicated resources. At February 2010 diamond prices, in-situ value of resource is approximately US $2.6 billion (100%).*

28

Rockwell grade reconciliation focus on resource management

0.000.200.400.600.801.001.201.40

Jan

07Fe

b 07

Mar

07

Apr 0

7M

ay 0

7Ju

n 07

Jul 0

7Au

g 07

Sep

07O

ct 0

7N

ov 0

7D

ec 0

7Ja

n 08

Feb

08M

ar 0

8Ap

r 08

May

08

Jun

08Ju

l 08

Aug

08Se

p 08

Oct

08

Nov

08

Feb

09M

ar 0

9Ap

r 09

May

09

Jun

09Ju

l 09

Aug

09Se

p 09

Oct

09

Nov

09

Dec

09

Jan

10Fe

b 10

Mar

10

Apr 1

0M

ay 1

0Ju

n 10

Jul 1

0

Holpan Recovered Grade versus Resource Grade Mine Grade 43101 Grade Linear (Mine Grade)

0.00

0.50

1.00

1.50

2.00

Jan

07Fe

b 07

Mar

07

Apr 0

7M

ay 0

7Ju

n 07

Jul 0

7Au

g 07

Sep

07O

ct 0

7N

ov 0

7D

ec 0

7Ja

n 08

Feb

08M

ar 0

8Ap

r 08

May

08

Jun

08Ju

l 08

Aug

08Se

p 08

Oct

08

Nov

08

Feb

09M

ar 0

9Ap

r 09

May

09

Jun

09Ju

l 09

Aug

09Se

p 09

Oct

09

Nov

09

Dec

09

Jan

10Fe

b 10

Mar

10

Apr 1

0M

ay 1

0Ju

n 10

Jul 1

0

Klipdam Recovered Grade vs Resource Grade

Mine Grade 43101 Grade Linear (Mine Grade)

0.00

0.50

1.00

1.50

2.00

2.50

3.00

May08

Jun08

Jul08

Aug08

Sep08

Oct08

Nov08

Feb09

Mar09

Apr09

May09

Jun09

Jul09

Aug09

Sep09

Oct09

Nov09

Dec09

Jan10

Feb10

Mar10

Apr10

May10

Jun10

Jul10

Saxendrift Recovered Grade vs Resource Grade Mine Grade 43101 Grade Linear (Mine Grade)

29

Rockwell – producer of rarity, quality & value examples January 2007 to present

110 carats, I/J colour US$ 555,555

(US$5,000/carat)

212 carats, Yellow US$2.44 million

(US$11,500/carat)

96.33 carats, Fancy Yellow US$950,000

(US$9,800/carat)

72.58 carats, Fancy Yellow US$919,880

(US$12,674/carat)

7.28 carat Flawless Intense Pink US $1.054 million

(US$145,000/carat )

107 carats US$ 1.07 million

(US$10,000/carat)

30

-70 mm +30 mm to Rehabilitation

Float Concentrate Bin

-30 mm +2.0 mm

-0.35 mm

+0.35 mm

-2.0 mm

+30mm

-70 mm

Rotary

Pan Plant #

Mine Residue Deposit

Rehabilitation

De-grit screen

Return water

Process water dam

Fresh water pump

Scrubber water supply

Scrubber

Open Pit Gravel Mining

ROM Bin

Plant ROM Stockpile

+70 mm Oversize Trommel Screen

ROM Bin

Final Recovery X-Ray, Grease

Back-fill

Mining and processing flow-sheet

Sinks

Prep-screen

# - DMS plant at Holpan

31

Holpan + Klipdam – Vaal River operations (owned 74% RDI)

32

Middle Orange River operations (MOR) (owned 74% RDI)

Note: Acquisition of Trans Hex Middle Orange River Operations concluded April 2008