February 2010

Discovery of an exceptional 6,225 carat Zambian emerald

Gemfields PLC (“Gemfields” or “the Company”, AIM:GEM) today announces the discovery of a 6,225 carat rough emerald at its Kagem mine in Zambia. The emerald was recovered during normal mining operations on 5 February 2010 and is being examined by Gemfields’ experts to establish a clearer understanding of its value and significance. They will continue to evaluate the gem before any final decision is taken in terms of its future.

Update on trial underground mining of Zambian emeralds

As announced in its last operation update dated 28 January 2010, Gemfields PLC (“Gemfields” or “the Company”, AIM:GEM) initiated a trial underground mining project that, if successful, could provide a number of opportunities for expansion into areas that have a history of high quality production at its Kagem mine in Zambia. The Company is pleased to announce, today, the first production from its trial underground mining operation. This innovation has the potential to transform Zambian emerald mining by allowing mining operations to follow the ore zone efficiently.