News and Announcements

Singapore Ruby Auction Results

Gemfields is pleased to announce the results of an auction of rough rubies in Singapore from 10 – 14 December 2019. The rough rubies were extracted from the licence held and operated by Montepuez Ruby Mining Limitada (“MRM”), which is 75% owned by Gemfields and 25% by local partner Mwiriti Limitada.

Results of Extraordinary General Meeting

Shareholders are advised that at the Company’s Extraordinary General Meeting (“EGM”) held on Wednesday 4 December 2019, both resolutions set out in the notice and proposed at the meeting were passed by the requisite majority of shareholders.

Singapore Emerald Auction Results

Gemfields is pleased to announce the results of an auction of higher quality rough emeralds held in Singapore from 18‐21 November 2019. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.

Change of Chairman

Gemfields announces that Mr Brian Gilbertson will step down as the Chairman and as a director of the Company with effect from 25 November 2019. Mr Martin Tolcher, who has served on the Board since 25 November 2008, will take over as Chairman of the Company.

Notice of EGM

Notice is hereby given that an extraordinary general meeting (“EGM”) of shareholders of Gemfields will be held at 1 Cathedral Piazza, London, SW1E 5BP, United Kingdom on Wednesday, 4 December 2019 at 10.00 a.m. (British Time). The Notice of EGM and associated proxy forms have been posted to shareholders today, Tuesday, 5 November 2019. Those shareholders registered on the Company’s shareholders’ register on Friday, 25 October 2019 will receive notice of the EGM. For JSE purposes, those shareholders registered on the Company’s shareholders’ register on Friday, 29 November 2019 will be eligible to participate and vote. Accordingly, the last date to trade will be Tuesday, 26 November 2019.

Update on Distribution Pool

On 27 September 2019, the Company announced that: (i) it had completed a share buy-back programme, purchasing 143,168,555 shares on-market during the period 11 June – 27 September 2019 at an average price of ZAR 1.50 per share; (ii) the remaining balance of the Distribution Pool (referred to in its announcement of 27 June 2019) stood at USD10.28 million; and (iii) a further announcement would be made regarding the remaining Distribution Pool balance by 25 October 2019.