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Auction Update

Final 2023 auction results underscore the ongoing vitality of the ruby market

Gemfields is pleased to announce the results of a ruby auction comprised of mixed-quality rough rubies held during the period 20 November to 5 December 2023. The rough rubies were extracted by Montepuez Ruby Mining Limitada (“MRM”, which is 75% owned by Gemfields and 25% by its Mozambican partner Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales price achieved at the auction.

Auction Results – Commercial Quality Emeralds

Gemfields is pleased to announce the results of an auction comprised of commercial quality rough emeralds held during the period 29 August – 15 September 2023. Highlights: August/September 2023 – Commercial Quality Emerald Auction Total auction revenues of USD 25.5 million 43 lots were offered for sale, of which all 43 were sold (100%) Average price of USD 7.51 per carat The 46 auctions of Kagem gemstones held since July 2009 have generated USD 989.4 million in total revenues

Trading Statement for the six months ended 30 June 2023

In accordance with paragraph 3.4(b) of the JSE Listings Requirements, Gemfields is reasonably certain that its net profit after tax1 will be USD 18.1 million for the six months ended 30 June 2023 (comparative six-month period ended 30 June 2022: USD 56.7 million). In ZAR terms, the net profit after tax is expected to be ZAR 334 million (comparative period: ZAR 864 million).

Gemfields Auction Update

Gemfields provides an update regarding its gemstone auction schedule for the remainder of 2023. Gemfields completed an auction of commercial and low-quality ruby from the Montepuez ruby mine on 13 September 2023 and the results are set out below. An auction of commercial quality emeralds from the Kagem emerald mine is presently underway and Gemfields expects to announce the results on Monday 18 September 2023. The auction of higher quality emeralds from the Kagem emerald mine, scheduled for November 2023, will no longer take place. Gemfields has taken this decision as a result of the generally lower quality and quantity of emerald production at Kagem in recent months and which would result in a suboptimal auction offering to Gemfields’ emerald...
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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.

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

Ruby Auction Results

Gemfields is pleased to announce the results of a ruby auction held in Bangkok from 21 November – 8 December 2022. The auction contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada’s (“MRM”) auctions of mixed quality rubies.

Emerald Auction Results

Gemfields is pleased to announce the results of an emerald auction comprising a series of 5 sequential mini-auctions held during the period 30 October – 17 November 2022. The auction contained a selection of grades that are typically offered at Kagem Mining Ltd’s (“Kagem”) auctions of higher quality emeralds. In addition, the auction included a 37kg special interest piece called the “Kafubu Cluster”.

MRM Commercial-Quality Auction Results

Gemfields is pleased to announce the results of an auction of predominantly commercial-quality sapphire, corundum and low-quality ruby held from 19 September 2022 to 23 September 2022. The gemstones were extracted by Montepuez Ruby Mining Limitada in Mozambique (“MRM”, which is 75% owned by Gemfields and 25% by Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction.
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