Auction Results – Higher-Quality Emeralds

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

("Gemfields" or the "Company")

Auction Results - Higher-Quality Emeralds

LONDON, 22 MAY 2026

Gemfields announces the results of an auction comprised of higher-quality rough emeralds held during the period 4 May - 21 May 2026.

Highlights: May 2026 Higher-Quality Emerald Auction

• Total auction revenues of USD 26.8 million
• 36 of the 37 lots offered for sale were sold (97%)
• 185,135 carats were offered for sale with 183,385 carats sold (99%)
• Average realised price of USD 146.08 per carat

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

"This auction result demonstrates that, while demand for higher-quality emeralds remains stable, the market is presently exercising a degree of caution, influenced by ongoing geopolitical tensions and prevailing macroeconomic uncertainty. That said, competition and pricing for the top-tier emeralds remained particularly strong, reflecting the rarity and continued desirability of exceptional gems. It should also be recognised that the Indian Rupee has depreciated by approximately 10% against the US Dollar since Kagem's previous higher-quality auction held in September 2025, creating an additional headwind for many customers.

We would like to thank the Kagem team for their considerable hard work and dedication in delivering this auction and also extend our appreciation to the Government of the Republic of Zambia, Kagem's 25% shareholder, for its continued partnership and support."

The auction lots were made available for private, in-person viewings by customers in Bangkok. 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 Higher-Quality Kagem auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):

* 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 while Zambia's 15% export duty was in effect.

The special 'second-round' auction of previously unsold lots 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.

Adjustment to Ruby Auction Schedule:

Due to lower-than-expected ruby production at Montepuez Ruby Mining, combined with concerns about a lack of liquidity in the ruby market and ongoing tempered Chinese demand, Gemfields has reviewed the ruby auction schedule for the remainder of 2026. Gemfields presently expects to host a smaller-than-usual June auction of selected grades to suit prevailing market demand and will maintain flexibility as to the size, frequency and timing of ruby auctions for the remainder of 2026.

Gemfields intends to provide a further update on the ruby auction schedule and broader outlook, both in respect of the production profile at MRM and the wider market backdrop, following the completion of the June auction.