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 Ruby Auction Results

LONDON, 20 JUNE 2022

Gemfields is delighted to announce the results of a ruby auction comprised of seven sequential mini-auctions held in Bangkok during the period 30 May - 17 June 2022. The auction delivered all-time high auction revenues for any Gemfields auction and contained a selection of grades that are typically offered at Montepuez Ruby Mining Limitada's ("MRM") auctions of mixed quality rubies. 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 rubies were all extracted from the mining licence held and operated by MRM (which is 75% owned by Gemfields and 25% by Mozambican partner Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction.

Highlights: June 2022 Ruby Auction

• Total auction revenues of USD 95.6 million, an all-time high for any Gemfields auction

• Average price of USD 246.69 per carat, a new record for any mixed quality ruby auction

• Of the 119 lots offered, 112 were sold (94.1%)

• 63.5% of the carats offered at the auction were sold

• The 16 auctions of MRM rubies held since June 2014 have generated USD 827.1 million in total revenues

The auction saw 49 companies placing bids and generating record revenues of USD 95.6 million with an overall average value of USD 246.69 per carat. The auction saw 94.1% of the number of lots, and 63.5% of the offered carats, being sold.

The results of the five most recent mixed quality ruby 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.

Specific attention is drawn to the fact that one lot of 29,523.82 grams (representing some 24% of the total weight offered) remained unsold and, as a result, the average price per carat realised at the most recent auction is considerably higher than it would have been had this lot also been sold.

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

"Our first auction of rubies in 2022 has delivered truly glittering results, setting a new revenue record for any Gemfields auction at USD 95.6 million. When combined with Kagem's two emerald auctions so far this year, Gemfields auction revenue in the first half of 2022 stands at USD 181 million versus our prior first half record of USD 93 million, set in 2018. While we would caution that second-half revenues are unlikely to match the remarkable first half, today's auction results again underscore the extent of the step-change being experienced in the market. We thank and congratulate our hard-working teams, our partners, our host governments and of course our clients".

-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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