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") Emerald Auction Results – Commercial Quality LONDON, 27 MARCH 2023 Gemfields is pleased to announce the results of an emerald auction comprised of commercial- quality rough emeralds held during the period 6 March - 24 March 2023. Highlights – March 2023 – Commercial-Quality Emerald Auction • Total auction revenues of USD 21.2 million • 29 lots were offered for sale, of which 25 were sold (86%) • Average price of USD 7.13 per carat • 95% of the carats offered were sold • The 44 auctions of Kagem gemstones held since July 2009 have generated USD 920 million in total revenues Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented: “Gemfields’ first auction of 2023 has yielded a sound outcome. While it is evident that the market has normalised appreciably following the exuberance we experienced in 2022, this auction delivered the third highest price per carat that we’ve seen across our 21 auctions of commercial quality emeralds from Kagem, a sign that the market remains in good shape.” The auction lots were made available for private, in-person viewings by customers in Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields, which permitted customers from multiple jurisdictions to participate in a sealed-bid process. The rough emeralds sold were extracted by 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. 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): Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey T +44 (0)1481 731 554 gemfieldsgroup.com AUCTION RESULTS Feb ’20 Jul-Aug ’21 Mar-Apr ’22 Aug-Sep ’22 Mar ’23 (COMMERCIAL AUCTION AUCTION AUCTION AUCTION AUCTION QUALITY) 18-21 Feb 28 Jul - 11 15 Mar - 1 31 Aug - 19 6 - 24 Mar Dates 2020 Aug 2021 Apr 2022 Sept 2022 2023 Lusaka, Online Jaipur, India / Jaipur, India / Jaipur, India / Location Zambia Auction Online Online Online Commercial Commercial Commercial Commercial Commercial Type Quality Quality Quality Quality Quality Carats offered 4.49 million 3.59 million 4.52 million 3.75 million 3.15 million Carats sold 2.86 million 3.50 million 4.52 million 3.65 million 2.97 million No. of companies 29 49 56 44 45 placing bids Average no. of 6 14 17 11 11 bids per lot No. of lots offered 25 32 32 34 29 No. of lots sold 19 31 32 33 25 Percentage of lots 76% 97% 100% 97% 86% sold Percentage of lots 64% 97% 100% 97% 95% sold by weight Total sales USD 11.5 USD 23.1 USD 42.3 USD 32.9 USD 21.2 realised at Million million Million million million auction Average per carat USD USD USD USD USD sales value 4.01/carat 6.61/carat 9.37/carat 9.01/carat 7.13/carat 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. -ENDS- Further information on Gemfields Group Limited can be found at: GEMFIELDSGROUP.COM To join our investor mailing list, contact us on: ir@gemfields.com Gemfields Group Limited Page 2 of 4 For any press enquiries please contact us on: gemfields@camarco.co.uk This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 ("MAR"). ENQUIRIES GEMFIELDS Sean Gilbertson / David Lovett / Ian Hughes T: +44(0) 20 7518 3400 SPONSOR (JSE) Investec Bank Limited NOMINATED ADVISER finnCap (AIM) & JOINT BROKER Christopher Raggett / Tim Redfern / Edward Whiley T: +44(0) 20 7220 0500 JOINT BROKER Liberum Scott Mathieson / Kane Collings T: +44(0) 20 3100 2222 FINANCIAL PR/ IR Camarco Gordon Poole / Emily Hall T: +44(0) 20 3757 4980 ADDITIONAL INFORMATION ON GEMFIELDS Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the Gemfields Group Limited Page 3 of 4 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, 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 and has played an important role in the growth of the global coloured gemstone sector. GEMFIELDS GEMFIELDS.COM | INVESTORS |FOUNDATION INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE FABERGÉ FABERGÉ.COM | INSTAGRAM | FACEBOOK | TWITTER | YOUTUBE KAGEM MINING LINKEDIN MONTEPUEZ RUBY MINING LINKEDIN Gemfields Group Limited Page 4 of 4