Holding(s) in Company

25 Mar 2011 12:25

For filings with the FSA include the annexFor filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer Gemfields

Plc

of existing shares to which voting rights areattached: ii2 Reason for the notification (please tick the appropriate box or boxes):An acquisition or disposal of voting rightsAn acquisition or disposal of qualifying financial instruments which mayresult in the acquisition of shares already issued to which voting rightsare attachedAn acquisition or disposal of instruments with similar economic effect to

X

qualifying financial instrumentsAn event changing the breakdown of voting rightsOther (pleasespecify):3. Full name of person(s) subject to QVT Financial LP

the

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 08 March 2011which the threshold is crossed orreached: v6. Date on which issuer notified: 23 March 20117. Threshold(s) that is/are crossed or 11%, 10%

reached: vi, vii

8. Notified details:A: Voting rights attached to shares viii, ixClass/type of Situation previous Resulting situation after the triggering transactionshares to the triggering transaction if possibleusingthe ISIN CODE Number Number Number

Number of voting % of voting rights

of of of shares rights x Shares Voting Rights Direct Direct xi Indirect Direct Indirect xii 25,264,875 25,264,875 25,264,875 25,264,875 7.79% GB00B0HX1083

B: Qualifying Financial Instruments

Resulting situation after the triggering transactionType of financial Expiration Exercise/ Number of voting % of votinginstrument date xiii Conversion Period xiv rights that may be rights 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 financial Exercise Expiration Exercise/

Number of voting rights % of votinginstrument price date xvii Conversion period instrument refers to rights xix, xx xviii CFD 4,265,447 Nominal Delta 1.32% Total (A+B+C)Number of voting rights Percentage of voting rights 29,530,322 9.11%

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 holdvoting rights: This TR-1 should amend and fully replace13. Additional information: QVT Financial LP's TR-1 of 10 March 2011. A sale of instruments having similar economic effect to Qualifying Financial Instruments was erroneously reported as a sale of voting rights.14. Contact name: Meg Nowicki15. Contact telephone number: +1 (212) 705 6229