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Business Update

Market Update – January 2010

Gemfields PLC (“Gemfields” or “the Company”, Ticker “GEM”) is pleased to present a market update for the three month period ending 31 December 2009. All figures are unaudited.

Notification of Annual General Meeting

Further to Gemfields’ results announcement of 7 December 2009 and posting of such together with notification of the Company’s annual general meeting (“AGM”) to shareholders, the Company’s AGM will be held at 10:00 a.m. on 30 December 2009 at the Company’s offices: 8th Floor, 54 Jermyn Street, London, SW1Y 6LX, UK.

Operational Market Update – October 2009

Gemfields PLC (“Gemfields” or “the Company”, Ticker “GEM”) provided a market update on 5 August 2009 containing production data to 30 June 2009. Gemfields now presents a further market update for the three month period ending 30 September 2009. All figures are unaudited.

Proposed Acquisition Of Greentop International Inc. and Krinera Group S.A.

As announced by the Company on 18 December 2007, Gemfields has conditionally agreed to purchase from Rox, a company controlled by Pallinghurst Resources, a 75 per cent. interest in Kagem, the holder of the licence for the Kagem Emerald Mine located in the Zambian Fwaya-Fwaya belt adjacent to Gemfields’ existing emerald mining operations and close to its exploration operations. This will be achieved via the purchase from Rox of the entire issued share capital of Greentop and Krinera, the indirect holders of a 75 per cent. interest in Kagem. The consideration for the acquisition of Greentop and Krinera will be satisfied by the issue to Rox of 137,910,340 new Ordinary Shares in Gemfields which, at the Issue Price, implies a...
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