GEMFIELDS GROUP LIMITED - Zambia Update: 15% Export Duty Suspended

Zambia Update: 15% Export Duty Suspended

Gemfields Group Limited
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("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."


                                       -ENDS-

           Further information on Gemfields Group Limited can be found at:
                                  GEMFIELDSGROUP.COM


             To join our investor mailing list, please contact us on:
                                  ir@gemfields.com


This announcement contains inside information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European
Union (withdrawal) act 2018 ("MAR").



                                     ENQUIRIES

 GEMFIELDS                        Sean Gilbertson / David Lovett / Ian Hughes
                                  ir@gemfields.com
                                  T: +44(0) 20 7518 3400

 SPONSOR (JSE)                    Investec Bank Limited

 NOMINATED ADVISER                Panmure Liberum
 (AIM) & BROKER                   Scott Mathieson / Amrit Mahbubani / John More
                                  T: +44(0) 20 3100 2222

 PRESS ENQUIRES, GEMFIELDS        Helena Choudhury / Albertina Namburete
 HEAD OFFICE, LONDON              helena.choudhury@gemfields.com/ albertina.namburete@gemfields.com


ADDITIONAL INFORMATION ON GEMFIELDS

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' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage
- enables Gemfields to optimise positioning, perception and consumer awareness of coloured
gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.

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

                         GEMFIELDS.COM | INVESTORS |FOUNDATION

                           INSTAGRAM | FACEBOOK | X | YOUTUBE



                                        FABERGÉ

                   FABERGÉ.COM | INSTAGRAM | FACEBOOK | X | YOUTUBE



                                 KAGEM MINING LINKEDIN

                             MONTEPUEZ RUBY MINING LINKEDIN




Date: 19-02-2025 09:00:00
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