Auction Results: Commercial-Quality Emeralds

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

Auction Results: Commercial-Quality Emeralds

LONDON, 11 SEPTEMBER 2026

Gemfields announces the results of an auction comprised of commercial-quality rough emeralds held during the period 24 August - 10 September 2026.

Highlights: September 2026 Commercial-Quality Emerald Auction

• Total auction revenues of USD 29.6 million
• 44 lots were offered for sale and all 44 were sold (100%)
• Average realised price of USD 9.72 per carat

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

"It has been nine months since our last commercial-quality emerald auction, and I am particularly encouraged by this robust result. Viewing activity in Jaipur was intense throughout the auction, reflecting a high level of customer engagement, with very positive feedback regarding both the quality of the emeralds and the composition of the lots offered.

This result demonstrates continued strong demand for commercial-quality emeralds and reflects the solid production performance delivered by Kagem over the past year.

Our sincere thanks go to the entire Kagem mining team for their dedication and hard work, to our government partner, Zambia's Industrial Development Corporation, for its continued support, and to our customers for their ongoing confidence in Kagem's emeralds. We wish them every success during the forthcoming international gem and jewellery show season."

The auction lots were made available for private, in-person viewings by customers in Jaipur, India. Following the viewings, the auction took place via an online auction platform specifically adapted for Gemfields and which permits 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):