Higher Quality Emerald Auction Results

Incorporated in Guernsey. Guernsey registration Number: 47656.

South African external company registration number 2009/012636/10

Share code on JSE:GML (General Segment of JSE Main Board) / AIM:GEM

("Gemfields" or the "Company")

Auction Results - Higher-quality emeralds

LONDON, 12 SEPTEMBER 2025

Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 25 August - 11 September 2025.

Highlights: August-September 2025 Higher-Quality Emerald Auction

• Total auction revenues of USD 32.0 million
• 38 lots were offered for sale, of which all were sold (100%)
• Average realised price of USD 160.78 per carat
• The 52 auctions of Kagem gemstones held since July 2009 have generated USD 1,122 million in total revenues
• The auction included an exceptional gemstone named Imboo ('buffalo'), weighing 11,685 carats. Imboo is the latest, and largest, remarkable gemstone discovered at the Kagem mine.

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

"This September auction marks Kagem's first high-quality emerald sale since the disappointing result in November 2024. Mining operations at Kagem were suspended in January 2025 in response to market uncertainty and challenges relating to the oversupply of Zambian emeralds. Following signs of recovery at the April commercial-quality auction, two mining points were reopened in May.

While the wider market continues to navigate mixed sentiment and tariff uncertainty, today's auction result has validated these decisions and delivered a highly positive outcome. Strong demand was evident across the grades, with robust prices achieved.

We are grateful to our customers for their continued support and recognition of the quality of Kagem's emeralds, as reflected in the prices realised. As market leaders, we remain committed to managing supply responsibly and in the best interests of our customers and downstream partners. A huge thanks goes out to the Kagem team for their hard work and dedication in achieving this result."

* Includes the 37kg 'Kafubu Cluster', which comprised 44% of the weight offered at the auction.

** The table above excludes the special 'second-round' auction of unsold lots from the November 2024 high-quality auction, which were re-offered for sale in February 2025.

This special auction achieved revenues of USD 4.8 million with 10 of the 13 lots sold (77%), representing 45,864 carats sold out of 59,192 carats on offer (77%) at an average sales price of USD 105.49 per carat.

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 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

KAGEM MINING LINKEDIN

MONTEPUEZ RUBY MINING LINKEDIN