Gemfields announced that Mr. Brian Gilbertson will step down as the Chairman and as a director of the Company with effect from 25 November 2019. Mr. Martin Tolcher, who has served on the Board since 25 November 2008, will take over as Chairman of the Company. Mr. Brian Gilbertson will resign from all other Gemfields subsidiary directorships but will retain non-executive directorships of Fabergé Limited and Nairoto Resources Limitada, the latter housing Gemfields' recently announced gold exploration project in Mozambique. Mr. Tolcher has been involved in the fund administration industry in Guernsey for over 30 years. Mr. Tolcher has worked at senior levels for three Guernsey subsidiaries of Canadian and Bermudan international banks, gaining considerable experience in a wide variety of offshore fund and private equity investment structures. Mr. Tolcher joined Legis Fund Services Limited in 2005 and was appointed managing director at the beginning of 2007, a position he held until the end of 2010. Mr. Tolcher remained a director of that company until September 2011. Mr. Tolcher holds directorships with a number of other fund structures domiciled in Guernsey, several of which have been or still are listed on the London Stock Exchange and the International Stock Exchange. Mr. Tolcher is a Chartered Fellow of the Chartered Institute for Securities & Investment. Mr. Tolcher is a British citizen and is a resident of Guernsey.