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")



Operational Update up to 31 December 2023
LONDON, 29 JANUARY 2024


Gemfields shareholders are advised that the Company has released information about its
operational results and financial position for the six months ended 31 December 2023. These
unaudited figures have been produced on a monthly basis for Gemfields’ 75%-owned Kagem
emerald mine, its 75%-owned Montepuez ruby mine and Fabergé, the iconic luxury brand. The
full operational results can be found on the Company’s website at www.gemfieldsgroup.com.


Highlights

    •   Strong auction revenues and pricing continue for both emeralds and rubies
    •   Total auction revenues of USD 242 million, the second highest year in Gemfields’
        history despite the withdrawal of November 2023’s auction of higher quality emeralds
    •   Kagem experienced a general improvement in both the quality and quantity of premium
        emeralds recovered in recent months
    •   Gemfields has passed the milestone of USD 2 billion in cumulative emerald and ruby
        auction sales since its first auction in 2009, with more than USD 400 million in taxes
        being paid to the governments of Mozambique and Zambia
    •   Net cash of USD 11.1 million (before auction receivables of USD 38.9 million) at 31
        December 2023
    •   USD 45 million returned to shareholders in 2023 by way of May 2023’s USD 35 million
        dividend and a USD 10 million share buyback completed in October 2023
    •   Next auctions planned: Commercial quality emerald auction in Q1 2024, followed by a
        higher quality emerald auction and a mixed quality ruby auction in Q2 2024




   Gemfields Group Limited, Royal Chambers, St Julian’s Avenue, St Peter Port, GY1 4HP, Guernsey
                                     T +44 (0)1481 731 554
                                        gemfieldsgroup.com
An Excel spreadsheet of all of Gemfields’ historic operational results is also available at
www.gemfieldsgroup.com/operational-update. Commentary on the operational performance and
financial results will be available in Gemfields’ annual results due to be published in March 2024.

Shareholders are advised that all figures in this operational update are unaudited, in respect of
which the directors assume full responsibility.




                                              -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




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").




Gemfields Group Limited                                                                       Page 2 of 4
                                           ENQUIRIES




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

 SPONSOR (JSE)                     Investec Bank Limited


 NOMINATED ADVISER                 Liberum
 (AIM) & BROKER                    Scott Mathieson / John More / Anake Singh
                                   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’ business model that has played an important role in the growth of the global coloured
gemstone sector.




Gemfields Group Limited                                                                  Page 3 of 4
                                    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