AUCTION RESULTS – COMMERCIAL QUALITY EMERALDS-GEMFIELDS GROUP LIMITED

AUCTION RESULTS – COMMERCIAL QUALITY EMERALDS-GEMFIELDS GROUP LIMITED

Auction Results - Commercial Quality Emeralds

LONDON, 25 MARCH 2024

Gemfields is pleased to announce the results of an auction comprised of commercial quality rough emeralds held during the period 5 - 22 March 2024.

Highlights: March 2024 - Commercial Quality Emerald Auction

·    Total auction revenues of USD 17.1 million

·    43 lots were offered for sale, of which 40 were sold (93%)

·    Average price of USD 4.45 per carat

·    The 47 auctions of Kagem gemstones held since July 2009 have generated USD 1,006 million in total revenues, reaching the USD 1 billion mark

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.

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

"We are pleased to conclude another successful Kagem auction, demonstrating that the commercial-quality emerald market remains in good shape and prices achieved are broadly in line with the September 2023 commercial-quality auction. This auction offering included large quantities of lower-quality emeralds which would normally be sold to smaller manufacturers in Jaipur via our Direct Sales channel. These parcels accounted for 55% of the auction by weight, resulting in the lower overall dollar-per-carat figure realised at this auction. The three unsold lots were also not typical auction grades, being one large cluster of low-quality crystals and two lots of 'Fines' comprised of small-size material.

"We now look forward to our next higher-quality emerald and mixed-quality ruby auctions to be held in Bangkok over May and June 2024."

The auction lots were made available for private, in-person viewings by customers in Jaipur. Following the viewings, the auctions took place via an online auction platform specifically adapted for Gemfields and which permitted customers from multiple jurisdictions to participate in a sealed-bid process.

The rough emeralds sold were extracted by 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.

The results of the five most recent commercial-quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):

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