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")




Notification of major holdings
LONDON, 3 OCTOBER 2023


In compliance with paragraph 3.83(b) of the JSE Listings Requirements and AIM Rule 17,
shareholders are advised that Gemfields received formal notification on 3 October 2023 from
Rozendal Associate Holdings (“Rational Expectations”) that it, combined with related parties,
held a total of 156,434,855 ordinary shares in the Company as of 26 September 2023, equivalent
to 12.83 per cent of the total issued shares in the Company (excluding treasury shares).
Shareholders are advised that Rational Expectations’ shareholding represents 12.89 per cent of
the total issued shares in the Company that carry voting rights as at today’s date, as the Company
currently holds 8,370,432 treasury shares.


Rational Expectations’ completed TR-1 form has been released separately.



                                               -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


                           For any press enquiries please contact us on:
                                     gemfields@camarco.co.uk



   Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey
                                     T +44 (0)1481 731 554
                                        gemfieldsgroup.com
                                           ENQUIRIES




 GEMFIELDS                         Sean Gilbertson / David Lovett / Ian Hughes
                                   ir@gemfields.com
                                   T: +44(0) 20 7518 3400

 SPONSOR (JSE)                     Investec Bank Limited


 NOMINATED ADVISER                 Cavendish Capital Markets Limited
 (AIM) & JOINT BROKER              Neil McDonald / Edward Whiley / Tim Redfern
                                   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
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 platform to
provide a consistent supply of coloured gemstones to downstream markets, a key component of



Gemfields Group Limited                                                                  Page 2 of 3
Gemfields’ business model that 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 3 of 3