By

Will Martin

Results of Annual General Meeting

Shareholders are advised that the Company’s Annual General Meeting (“AGM”) was held today, Tuesday 27 June 2023. The Company is pleased to announce that all resolutions set out in the Notice of AGM were passed by the requisite majority of shareholders.

PDMR Dealing, Issue of Equity and Total Voting Rights

In accordance with AIM Rule 17, shareholders are advised that Gemfields has issued and allotted 5,593,042 new ordinary shares of USD0.00001 each in the Company (“Ordinary Shares”) following the exercise of share options by a group employee and Sean Gilbertson (a person discharging managerial responsibilities, or “PDMR”).

Ruby Auction Results

Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 5 – 20 June 2023. Highlights: June 2023 Mixed-Quality Ruby Auction Total auction revenues of USD 80.4 million 91 of the 94 lots offered for sale were sold (97%) Average realised price of USD 265.99 per carat The 19 auctions of Montepuez Ruby Mining Limitada’s (“MRM”) gemstones held since June 2014 have generated USD 978.5 million in total revenue One lot of 26.8kg (representing some 30% of the total weight offered) remained unsold. As a result, the average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold.

Issue of Equity and Total Voting Rights

In accordance with AIM Rule 17, shareholders are advised that Gemfields has issued and allotted 360,000 new ordinary shares of USD0.00001 each in the Company (“Ordinary Shares”) following the exercise of share options by a group employee.

Record Emerald Auction Results

Gemfields is pleased to announce the results of an emerald auction comprised of higher-quality rough emeralds held during the period 15 May – 1 June 2023. Highlights: June 2023 Higher-Quality Emerald Auction Total auction revenues of USD 43.7 million, an all-time revenue record for any Kagem emerald auction 35 lots were offered for sale, of which 35 were sold (100%) Average realised price of USD 165.55 per carat, an all-time record for any Gemfields emerald auction All-time record for price-per-carat paid for a single auction lot The 45 auctions of Kagem gemstones held since July 2009 have generated USD 964 million in total revenue

Director/PDMR Shareholding

On 12 May 2023, the Company announced that Chandana Venkata Suresh, a PDMR of the Company, had exercised 1,800,000 share options at an exercise price of ZAR2.30 per ordinary share of USD0.00001 each in the company (“Ordinary Shares”). Shareholders are advised that Mr Suresh also exercised 522,064 share options at an exercise price of ZAR 2.97 per Ordinary Share on the same date but this was not included in the Company’s announcement on 12 May 2023 due to an administrative error. These shares were however admitted to trading on 15 May 2023.

Transaction in Own Shares and Total Voting Rights

Gemfields announces that on 17 May 2023, the Company purchased 1,729,550 of its own ordinary shares of USD0.00001 each in the Company (“Ordinary Shares”) at a price of ZAR3.45. These Ordinary Shares will be held as treasury shares before being periodically cancelled. Any cancellations will be announced separately.

PDMR Dealing, Issue of Equity and Total Voting Rights

In accordance with AIM Rule 17, shareholders are advised that Gemfields has issued and allotted 3,282,064 new ordinary shares of USD0.00001 each in the Company (“Ordinary Shares”) following the exercise of share options by group employees and Chandana Venkata Suresh (a person discharging managerial responsibilities, or “PDMR”).

Notice of AGM and B-BBEE Annual Compliance Report

Notice is hereby given that the Company’s Annual General Meeting (“AGM”), will be held at 123 Victoria Street, Westminster, London, SW1E 6DE on Tuesday 27 June 2023, at 10:00 a.m. (British Summer Time). The AGM will be an in-person only event.

Director/PDMR Shareholding

Gemfields has received notice that David Lovett, CFO, has transferred 1,400,000 ordinary shares of USD0.00001 each in the Company (“Ordinary Shares”), to his spouse, Rosie Lovett, at no cost, a direct to indirect beneficial transfer to an associate under the definition of the JSE.