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

LONDON, 4 APRIL 2022

Gemfields is pleased to announce the results of an auction of predominantly commercial quality rough emeralds held in Jaipur, India from 15 March to 1 April 2022. 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.

Highlights - Emerald Auction

· Auction revenues of USD 42.3 million, an all-time record for any Kagem auction

· Of the 32 lots offered, all 32 were sold (100%)

· Average price of USD 9.37 per carat, an all-time record for Kagem commercial quality auctions

· The 40 auctions of Kagem gemstones hosted by Gemfields since July 2009 have generated USD 792 million in total revenues

The auction saw 56 companies placing bids, generating all-time record revenues of USD 42.3 million with an overall average value of USD 9.37 per carat, also an all-time record for Kagem commercial quality auctions. The auction saw 100% of the offered carats and number of lots being sold.

Gemfields' 40 auctions of emeralds and beryl mined at Kagem since July 2009 have now generated USD 792 million in total revenues. 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):

(*) Unlike the other auctions tabulated above, August 2019 included beryl. The single lot of beryl (of 5 million carats) was unsold.

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:

"Our most recent auction represents one of the most momentous outcomes I've experienced in my 23-year career. We've witnessed another breakthrough for Kagem emeralds, with an auction of predominantly commercial quality emeralds setting a new all-time revenue record for Kagem and surpassing even our higher-quality auctions. When we announced Kagem's August 2021 auction results, we pointed to a step-change in market demand and in the prices bid by our customers, paving the way for an exhilarating cycle in the coloured gemstone sector. Today's result underscores just how big that step-change is and we're delighted to see the coloured gemstone industry firing on all cylinders."

-ENDS-

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM

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