Notification of major holdings

Gemfields Group Limited
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, 25 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 24 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 18 October 2023, equivalent to 13.03
per cent of the total issued shares in the Company (excluding treasury shares). Shareholders are
advised that Rational Expectations' shareholding represents 13.41 per cent of the total issued
shares in the Company that carry voting rights as at today's date, as the Company currently holds
55,694,351 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

                                      
                                           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' 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


Date: 25-10-2023 04:00:00
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