Incorporated in Guernsey. Guernsey registration number: 47656

South African external company registration number: 2009/012636/10

Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM

ISIN: GG00BG0KTL52   |   LEI: 21380017GAVXTCYS5R31

("Gemfields" or the "Group" or the "Company")

Auction Results: Commercial-Quality Emeralds

LONDON, 30 APRIL 2025

Gemfields announces the results of an auction comprised of commercial-quality rough emeralds held during the period 11 - 29 April 2025.

Highlights: April 2025 Commercial-Quality Emerald Auction

·    Total auction revenues of USD 16.4 million

·    36 lots were offered for sale, of which 32 were sold (89%)

·    Average price of USD 6.87 per carat

·    The 51 auctions of Kagem gemstones held since July 2009 have generated USD 1,090 million in total revenues

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.

Adrian Banks, Gemfields' Managing Director of Product & Sales, commented:

"Today's result marks a notable improvement on the disappointing commercial-quality auction held in September 2024. An increased number of bids and stronger prices across a broad quality-range point to improved sentiment and demand since our experience in Q3 2024.

The overall USD per carat realisation has been positively skewed by the withdrawal of a schedule comprising very low-quality material, weighing 112,000 grams and representing 18.5% of the total weight offering.

We extend our appreciation to the Kagem team and to the Government of the Republic of Zambia, Kagem's 25% shareholder."

The auction lots were made available for private, in-person viewings by customers in Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The rough emeralds sold were extracted by 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.

The results of the five most recent commercial-quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):

-ENDS-

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM

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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 ("MAR").

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