January 2021

In compliance with paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Gemfields has received formal notification from Rational Expectations (Pty) Ltd (“Rational”) on 14 January 2021, that Rational and related parties acquired a beneficial interest in the ordinary shares of the Company, such that the total beneficial interest in ordinary shares of the Company held by Rational is now 8.41% of the total issued shares of the Company. Following the acquisition, Rational held a total of 97,276,350 ordinary shares in the Company.

On 9 October 2020, Gemfields announced that it had completed an external review of its Articles of Incorporation (the “Articles”). The assessment included a general review of AIM and JSE practices, Guernsey law (where Gemfields is registered) and the governance benchmarks set by a peer group of other, including large diversified, mining companies. The intention was to better align Gemfields with appropriate market practice and further improve the corporate governance framework.