Holding(s) in Company

5 Dec 2008 16:35



05 December, 2008

GEM DIAMONDS LIMITED

TR-1: NOTIFICATION OF MAJOR INTERESTS IN SHARES

Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Gem Diamonds Limited

2. Reason for the notification (please place an X inside the appropriate bracket/s):

An acquisition or disposal of voting rights: ( X )

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached: ( )

An event changing the breakdown of voting rights: ( )

Other (please specify) : ( )

……………..

3. Full name of person(s) subject to the notification obligation:

BlackRock Inc

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

3rd December, 2008

6. Date on which issuer notified:

5th December, 2008

7. Threshold(s) that is/are crossed or reached:

Holding has gone below 11%  8. Notified details:

A: Voting rights attached to shares

Class/type of shares if possible using the ISIN CODE	Situation previous to the Triggering transaction
	Number of shares	Number of voting Rights
VGG379591065	7,476,453	7,476,453

Resulting situation after the triggering transaction 

Class/type of shares if possible using the ISIN CODE	Number of shares	Number of voting rights		% of voting rights
	Direct	Direct	Indirect	Direct	Indirect
	n/a	n/a	6,528,298	n/a	10.37%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument	Expiration Date	Exercise/Conversion Period/ Date	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights

Total (A+B)

Number of voting rights	% of voting rights
6,528,298	10.37%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable :

BlackRock Investment Management (UK) Limited 6,528,298 (10.37%)

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

14. Contact name:

Andre Confavreux - Gem Diamonds

15. Contact telephone number:

+44 (0)20 3043 0280

ENDHOLUVONRWORURAA