Zambia Update 15% Export Duty Suspended

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("Gemfields" or the "Group" or the "Company")

Zambia Update: 15% Export Duty Suspended

LONDON, 19 FEBRUARY 2025

Further to the announcement made by the Company on 8 January 2025, Gemfields is pleased to announce that the Honourable Minister of Finance of Zambia, Dr Situmbeko Musokotwane, has suspended the 15% export duty on precious gemstones and metals by issuing Statutory Instrument No. 4 of 2025 on 18 February 2025 (the Customs and Excise (Precious Stones and Metals) (Export Duty) (Suspension) Order). This suspension is effective immediately.

As a result, the 15% export duty on precious gemstones will no longer apply to the Zambian emeralds mined by Kagem Mining Limited ("Kagem") which is 75% owned by Gemfields and 25% owned by the Zambian Government's Industrial Development Corporation.

Sean Gilbertson, CEO of Gemfields, said:

"We express our sincere thanks to President Hakainde Hichilema's government for their prompt and impressive action in addressing the 15% export duty on precious gemstones. The Zambian emerald sector has delivered phenomenal growth over the last 16 years and is today - by a significant margin -the world's largest emerald exporter. The government's collaborative approach and decisive action are clear demonstrations of its intent to deliver growth and jobs for Zambia and this step puts our industry back on track to continue that trajectory."

GEMFIELDS

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN