News and Announcements

Holdings in Company

Gemfields Plc (“Gemfields” or “the Company”, Ticker “GEM”) received notification on 15 December 2009 from QVT Financial LP (“QVT”) that on 11 December, QVT through shareholdings of QVT Fund LP, Quintessence Fund L.P. and Deutsche Bank AG London purchased 12,500,000 of the Company’s ordinary 1p shares. Following this transaction, QVT has an interest through direct ownership in a total of 25,264,875 shares.