Incorporated in Guernsey. Guernsey registration Number: 47656.

South African external company registration number 2009/012636/10

Share code on JSE:GML  / AIM:GEM

    ISIN: GG00BG0KTL52   |   LEI: 21380017GAVXTCYS5R31

("Gemfields" or the "Company")

Market Update: Operating Results to 30 June 2022

LONDON, 27 JULY 2022

Gemfields shareholders are advised that the Company has released information about its operating results and financial position up to and including 30 June 2022. The figures have been produced on a monthly basis for Gemfields' 75%-owned Kagem emerald mine, its 75%- owned Montepuez ruby mine and wholly owned Fabergé, the iconic luxury brand. The operating results can be found on the Company's website at www.gemfieldsgroup.com/investor-update-june-2022/.

Highlights:

·    Total auction revenues for the six months ending 30 June 2022 of USD 181.2 million, with all three auctions held in the period breaking previous records.

·    Total auction revenues for the 12 months ending 30 June 2022 of USD 330.3 million, an all-time high.

·    Cash balance at 30 June 2022 of USD 111.4 million (excludes auction receivables of a further USD 81.1 million). Gross debt balance at 30 June 2022 of USD 29.7 million.

·    Fabergé: zero cash draw from Gemfields in the six months ending 30 June 2022. In the 12 months ending 30 June 2022, Fabergé's cash draw was USD 1.5 million.

·    Cash capital expenditure in the six months ending 30 June 2022 of USD 14.1 million.

Shareholders are advised that all figures are unaudited for which the directors assume full responsibility.

Gemfields Interim Results for the six months ending 30 June 2022 are expected to be released on 22 September 2022.

-ENDS-

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM

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ADDITIONAL INFORMATION ON GEMFIELDS

Gemfields is a world-leading miner of responsible coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.

Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage - enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.

Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields' business model that has played an important role in the growth of the global coloured gemstone sector.

GEMFIELDS

GEMFIELDS.COM | INVESTORS |FOUNDATION

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FABERGÉ

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KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN