News and Announcements

Consolidated financial statements of Gemfields PLC (“Gemfields” or “the Company”), formerly Gemfields Resources PLC, for the financial year ended 30 June 2010.

Gemfields Plc (“Gemfields” or “the Company”, Ticker “GEM”) received notification on 15 April 2010 from Rox Limited (“Rox”) that on 18 March 2010 Rox purchased 4,250,000 of the Company’s ordinary 1p shares at a price of 5p each. This notification replaces the incorrect notification that was received on 22 March 2010.

As a result of the acquisition by J.P. Morgan of the shares in J.P. Morgan Cazenove Limited it did not already own, J.P. Morgan Securities Ltd. (which conducts its UK investment banking business as J.P. Morgan Cazenove) has been appointed as Joint Broker to the Company with immediate effect, replacing J.P. Morgan Cazenove Limited.

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.

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.

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.