Gemfields Grou. Regulatory News (GEM)

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")

Emerald Auction Results

LONDON, 18 NOVEMBER 2022

Gemfields is pleased to announce the results of an emerald auction comprising a series of 5 sequential mini-auctions held during the period 30 October - 17 November 2022. The auction contained a selection of grades that are typically offered at Kagem Mining Ltd's ("Kagem") auctions of higher quality emeralds. In addition, the auction included a 37kg special interest piece called the "Kafubu Cluster".

The auction lots were made available for in-person and private viewings by customers in Bangkok. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields, 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.

Highlights - November 2022 Emerald Auction

· Total auction revenues of USD 30.8 million

· 37 lots were offered for sale, of which 34 were sold (92%)

· Average price of USD 76.78 per carat (includes the Kafubu Cluster which comprised 44% of the total weight offered at the auction)

· 94% of the carats offered were sold

· Kagem's 2022 auction revenues have set a new annual record of USD 149.4 million (beating the prior record - set in 2021 - of USD 92.3 million)

· The 43 auctions of Kagem gemstones held since July 2009 have generated USD 899 million in total revenues

· The 37kg Kafubu Cluster, a special interest piece, set a new record as the most expensive single emerald item ever sold by Gemfields

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

"Our end-of-year emerald auction has delivered a pleasing and solid result despite a clear softening of both prices and sentiment when compared with the remarkable highs we enjoyed in May 2022. This has been a record-shattering year for Kagem with an amazing USD 149 million in auction sales realised in 2022. We send our thanks and congratulations to the hard-working Kagem team and to Kagem's 25% shareholder, the Government of the Republic of Zambia."

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

* Includes the 37kg Kafubu Cluster, which comprised 44% of the weight offered at the auction.

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. For example, the average price per carat for the November 2022 auction was materially reduced by the inclusion of the Kafubu Cluster.

-ENDS-

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM

To join our investor mailing list, contact us on: ir@gemfields.com

For any press enquiries please contact us on: gemfields@camarco.co.uk

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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.

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