Gemfields : Disclosure of beneficial interests in securities

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")

Disclosure of beneficial interests in securities

L O N D O N , 1 J u n e 2 0 2 2

In compliance with AIM Rule 17, shareholders are advised that Gemfields received formal notification on 31 May 2022 from Rational Expectations Proprietary Limited ("Rational Expectations") that it, combined with related parties, now hold a total of 118,602,785 ordinary shares in the Company, equivalent to 10.03% of the total issued shares in the Company.

Rational Expectations' completed form TR-1 has been released to the market.

- E N D S -

Further information on Gemfields Group Limited can be found at:

G E M F I E L D S G R O U P . C O M

To join our investor mailing list, contact us on:

[e-mail]

For any press enquiries please contact us on:

[e-mail]

E N Q U I R I E S

G E M F I E L D S

Sean Gilbertson / David Lovett T: [phone]

Gemfields Group Limited, Royal Chambers, St Julian's Avenue, St Peter Port, GY1 4HP, Guernsey

T [phone]

gemfieldsgroup.com

S P O N S O R	( J S E )		Investec Bank Limited
S E D I B E L O	S A L E	P R O C E S S	Liberum
			Nehal Patel
			T: [phone]
N O M I N A T E D A D V I S E R	finnCap
( A I M ) & J O I N T	B R O K E R	Christopher Raggett / Tim Redfern / Edward Whiley
			T: [phone]
J O I N T B R O K E R		Liberum
			Scott Mathieson / Kane Collings
			T: [phone]
F I N A N C I A L P R /	I R	Camarco
			Gordon Poole / Emily Hall
			T: [phone]

A D D I T I O N A L I N F O R M A T I O N O N G E M F I E L D S

Gemfields is a world-leading miner of responsible 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 and trading 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.

G E M F I E L D S

Gemfields Group Limited

Page 2 of 8

G E M F I E L D S . C O M| I N V E S T O R S| F O U N D A T I O N

I N S T A G R A M| F A C E B O O K| T W I T T E R| Y O U T U B E

F A B E R G É

F A B E R G É . C O M| I N S T A G R A M| F A C E B O O K| T W I T T E R| Y O U T U B E

K A G E M M I N I N G L I N K E D I N

M O N T E P U E Z R U B Y M I N I N G L I N K E D I N

Gemfields Group Limited

Page 3 of 8

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

GG00BG0KTL52

Issuer Name

GEMFIELDS GROUP LIMITED

UK or Non-UK Issuer

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation Name

Rozendal Associate Holdings

City of registered office (if applicable)

Port Louis

Country of registered office (if applicable)

Mauritius

	Name		City of registered		Country of registered
		office		office
	Rational Expectations		Cape Town		South Africa
	(Pty) Ltd

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

City of registered office (if applicable)

Gemfields Group Limited

Page 4 of 8

Country of registered office (if applicable)

5. Date on which the threshold was crossed or reached

27-May-2022

6. Date on which Issuer notified

31-May-2022

7. Total positions of person(s) subject to the notification obligation

				% of voting
		% of voting		rights through				Total number of
.		rights attached		financial		Total of both in
				voting rights
	to shares (total		instruments		% (8.A + 8.B)
					held in issuer
		of 8.A)		(total of 8.B 1
				+ 8.B 2)
Resulting
situation on
the date on
which	10.030000	0.000000	10.030000	118602785
threshold
was crossed
or reached
Position of
previous
notification	9.021200	0.000000	9.021200
(if
applicable)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

Class/Type of	Number of direct	Number of	% of direct	% of indirect
indirect voting
shares ISIN	voting rights	voting rights	voting rights
rights
code(if possible)	(DTR5.1)	(DTR5.1)	(DTR5.2.1)
(DTR5.2.1)
GG00BG0KTL52	91678433	26924352	7.750000	2.280000

Gemfields Group Limited

Page 5 of 8