Gemfields Announces Lusaka Emerald Auction Results

Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held
in Lusaka, Zambia from 18-21 February 2020. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”,
which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of
this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of
Zambia being paid on the full sales prices achieved at the auction.

Highlights – Emerald Auction
• Auction revenues of USD 11.5 million
• Of the 25 lots offered, 19 were sold (76%)
• Average price of USD 4.01 per carat
• 64% of the carats offered were sold
• The 35 auctions of Kagem gemstones held since July 2009 have generated USD 647 million in total revenues

The auction saw 29 companies placing bids, generating total revenues of USD 11.5 million with an overall average
value of USD 4.01 per carat. The auction saw 64% of the offered carats being sold (or 76% of the number of lots
offered). Gemfields’ 35 auctions of emeralds and beryl mined at Kagem since July 2009 have generated USD 647 million in
total revenues. The results of the five most recent commercial quality Kagem auctions are summarised in the table
below: