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kagem

COVID-19 Update

The turmoil stemming from COVID-19 patently represents one of the most serious challenges faced by many companies globally. Gemfields is no exception and a significant detrimental impact on its operations, revenues and business is inevitable during 2020 and possibly beyond.

Lusaka Emerald Auction Results

Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held in Lusaka, Zambia from 18-21 February 2020. 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.

Announcement of intention to float on AIM

Gemfields, a world-leading supplier of responsibly sourced, coloured gemstones, is pleased to announce its intention to seek admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange (“Admission”). The Company is not intending to raise capital in conjunction with Admission. The Company expects that Admission will become effective on 14 February 2020.

Renewal of Kagem Mining Licence

Gemfields is pleased to announce that the Government of the Republic of Zambia has renewed Kagem Mining Limited’s (“Kagem”) emerald mining licence. The renewal gives Kagem the right to continue mining emeralds for a period of 25 years to April 2045.

Suspension of Zambian Export Duty

Gemfields is pleased to announce that the Government of the Republic of Zambia has suspended the 15% export duty on precious gemstones (excluding diamonds) with effect from 1 January 2020.

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.

Lusaka Emerald Auction Results

Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held in Lusaka, Zambia from 19-22 August 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.

Singapore Emerald Auction Results

Gemfields is pleased to announce the results of an auction of higher quality rough emeralds held in Singapore from 14 – 17 May 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.

Lusaka Emerald Auction Results

Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held in Lusaka, Zambia from 18–20 February 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.

Zambian Revenue Authority Clears Kagem

Gemfields advises that the Zambian Revenue Authority (“ZRA”) has now cleared Kagem Mining Limited (“Kagem”) following its recent tax investigation. The investigation commenced on 16 August 2018 when the ZRA served two search warrants during an unannounced visit to Kagem. The search warrants authorised the ZRA to take wide‐ranging documents and files including those allegedly “used by Kagem Mining Ltd / Limpopo Polygraphs CC to evade the payment of value added tax, income tax, withholding tax and other taxes”.