Holding(s) in Company

6 May 2011 07:00

For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi 1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are Gemfields Plcattached:ii 2 Reason for the notification (please tick the appropriate box or boxes): An acquisition or disposal of voting rights X

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

An acquisition or disposal of instruments with similar economic effect to Xqualifying financial instruments An event changing the breakdown of voting rights Other (please specify): 3. Full name of person(s) subject to the QVT Financial LP notification obligation:iii 4. Full name of shareholder(s) QVT Fund LP (if different from 3.):iv Quintessence Fund L.P. 5. Date of the transaction and date on which the threshold is crossed or 3 May 2011 reached: v 6. Date on which issuer notified: 5 May 2011 7. Threshold(s) that is/are crossed or 3% reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix

Class/type Situation previous Resulting situation after the triggering transaction of

to the triggering shares transaction Number Number Number Number of voting % of voting rights x if possible of of of shares rights using Shares Voting the ISIN Rights Direct Direct xi Indirect Direct Indirect CODE xii 12,864,875 12,864,875 Below 3% Below 3% Below 3% GB00B0HX1083 B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of Expiration Exercise/ Number of voting % of voting financial date xiii Conversion Period rights that may be rights instrument xiv acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi Resulting situation after the triggering transaction Type of Exercise price Expiration Exercise/ Number of voting rights % of voting rightsfinancial date xvii Conversion instrument refers to xix, xx instrument period xviii Nominal Delta CFD Below 3% Below 3% Total (A+B+C) Number of voting rights Percentage of voting rights Below 3% Below 3%

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

Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: 14. Contact name: Meg Nowicki 15. Contact telephone number: +1 (212) 705 6229