Gemfields Achieves Strong Results at September 2024 Commercial-Quality Auction

Highlights – MRM Commercial-Quality Auction – September 2024

• Auction revenues of USD 2.3 million
• All of the 5.7 million carats (1,130 kilograms) offered in 10 lots were sold (100%)
• The average sales price of USD 0.41 per carat

Adrian Banks, Gemfields’ Managing Director of Product & Sales, commented:

“We extend our gratitude to the auction participants who made this brief, three-day auction such an enjoyable event. The majority of the auction’s offerings consisted of corundum and sapphire, which are considered by-products of MRM. Despite the commercial nature of these goods, the auction saw strong attendance and robust demand. The significant volumes of the lower-priced rough sold will support the cutting factories in both Chanthaburi, Thailand and Jaipur, India. We thank and congratulate the Government of Mozambique and our partners at Mwiriti – both of whom attended the auction – on what are very healthy results for material of this quality.”

Gemstones Extraction by Montepuez Ruby Mining Limitada (MRM)

The gemstones were extracted by Montepuez Ruby Mining Limitada in Mozambique (“MRM”, which is 75% owned by Gemfields and 25% by Mwiriti Limitada). The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction.

Regulatory Information

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”).

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 and the Montepuez ruby mine in Mozambique.
• Gemfields holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia, and Madagascar.

Fabergé: Enhancing Gemfields’ Position in the Market

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.

Grading System and Auction Platform

Gemfields has developed a proprietary grading system and a pioneering auction platform to provide a consistent supply of coloured gemstones to downstream markets. This is a key component of Gemfields’ business model and has played an important role in the growth of the global coloured gemstone sector.