Auction Results - Mixed-Quality Rubies

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

ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31

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

Auction Results: Mixed-Quality Rubies

LONDON, 16 JUNE 2025

Gemfields announces the results of an auction comprised of mixed-quality rough ruby held during the period 2 - 13 June 2025.

Highlights - Mixed-Quality Ruby Auction - June 2025

• Total auction revenues of USD 31.7 million.

• 78 of the 90 lots offered for sale were sold (87%).

• 99,830 carats were offered for sale with 68,705 carats sold (69%).

• Average sales price of USD 461.48 per carat.

• The auction included rubies from a newer area of MRM which previously hasn't been represented at auction in meaningful quantities, including a notable 36-carat ruby (pictured below) which sold well, becoming the third-most-valuable single-gemstone lot in MRM's history.

• This auction follows a mini-auction of predominantly small-sized gemstones held in April 2025 that achieved auction revenues of USD 7.2 million and which would normally have been included in the June auction.

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

"While this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the market stemming from, inter alia, ongoing geo-political turbulence, China's economic difficulties and considerable tariff uncertainty, today's auction result demonstrated the resilience of rubies in turbulent times.

Demand and pricing for fine-quality rubies remain strong. Notably, the secondary-type rubies recently recovered from a newer section of the mine, exhibiting different characteristics, were generally well received by auction customers.

The 36-carat, fine-quality ruby recovered from this newer section of the mine attracted strong interest from all auction customers and achieved a highly pleasing sale price.

This is a particularly promising development as Montepuez Ruby Mining ("MRM") advances towards the completion of Processing Plant 2 ("PP2"), enhancing its ability to deliver a consistent and diversified supply of Mozambican rubies to meet the evolving demands of the market.

It should be noted that the overall average USD per carat price was skewed by a combination of the sale in April 2025 of some predominantly small-sized rubies which would typically be included in the June auction and a number of higher weight, lower quality lots that remained unsold."

The gemstones were extracted in Mozambique by Montepuez Ruby Mining Limitada ("MRM") which is 75% owned by Gemfields and 25% by Mwiriti Limitada. The proceeds of this auction will be fully repatriated to MRM in Mozambique, with all royalties due to the Government of the Republic of Mozambique being paid on the full sales prices achieved at the auction.

The auction lots were made available in Bangkok for private, in-person viewings by customers. 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 results of the five most recent Mixed-Quality MRM ruby auctions are summarised in the table below (and earlier results are available at www.gemfieldsgroup.com):

1 - The 'Low Ruby' category was not offered at the December 2023, June 2024, December 2024 or June 2025 auctions.

2 - One lot of 26,806 grams (representing some 30% of the total weight offered) remained unsold at the June 2023 auction. As a result, the average price per carat realised at this auction was considerably higher than it would have been had this lot also been sold. These gems were then sold at the September 2023 commercial quality ruby auction.

The specific auction mix and the quality of the lots offered at each auction vary in characteristics such as size, colour and clarity on account of variations in mined production and market demand. Therefore, the results of each auction are not always directly comparable.

-ENDS-

Further information on Gemfields Group Limited can be found at:

 GEMFIELDSGROUP.COM

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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").

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