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")

Record Emerald Auction Results

L O N D O N, 27 MAY 2022  

Gemfields is pleased to announce the results of a record-breaking emerald auction comprising a series of five sequential mini-auctions held during the period 9 - 26 May 2022. The auction contained a selection of grades that are typically offered at Kagem Mining Ltd's ("Kagem") auctions of higher quality emeralds as well as one special piece. The auction lots were made available for in-person and private viewings by customers in Bangkok, Thailand. Following the viewings, the bidding 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 - May 2022 Emerald Auction

· Total revenues of USD $43.3 million, an all-time record for Kagem auctions

· All 38 lots offered were sold (100%)

· Average price of USD 155.90 per carat, an all-time record for Kagem auctions

· 100% of the carats offered were sold

· The 41 auctions of Kagem gemstones held since July 2009 have generated USD 835.3 million in total revenues

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

"Kagem's second auction of 2022 has again been hotly contested, reaffirming the remarkable levels of demand prevailing in the emerald and ruby markets. The auction marked the first time in history that a sizeable emerald auction has been hosted in Bangkok, Thailand, which Gemfields is proud to have been a part of. The auction set new records for both the highest revenue and the highest average price per carat achieved at any of our 41 Kagem auctions since July 2009. Kagem's first half auction revenues now stand at USD 85.7 million versus full year auction revenues in 2021 of USD 92.3 million, again highlighting the step-change being experienced in the market."

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):

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 directly comparable.

- E N D S -

Further information on Gemfields Group Limited can be found at:

G E M F I E L D S G R O U P . C O M

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

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

E N Q U I R I E

A D D I T I O N A L I N F O R M A T I O N O N G E M F I E L D S

Gemfields is a world-leading supplier of responsibly sourced 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 licenses 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, 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 and has played an important role in the growth of the global coloured gemstone sector.

G E M F I E L D S

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I N S T A G R A M | F A C E B O O K  | T W I T T E R  | Y O U T U B E

F A B E R G É

F A B E R G É . C O M  | I N S T A G R A M | F A C E B O O K  | T W I T T E R  | Y O U T U B E

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