Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

GEM DIAMONDS LIMITED

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

MIRABAUD INVESTMENT MANAGEMENT LIMITED

4. Full name of shareholder(s) (if different from 3.):

743,504 State Street Nominees Limited 20HE

380,091 State Street Nominees Limited XC7U

54,708 State Street Nominees Limited 20HG

431,952 Chase Nominees Limited 60688

262,348 NORTRUST Nominees Limited SRY13

359,478 BNY (OCS) Nominees Limited 164656

489,924 BNY (OCS) Nominees Limited 287624

298,487 BNY (OCS) Nominees Limited 392430

213,631 BNY (OCS) Nominees Limited 392430

RLMF20000 513,027 Mellon Nominees (UK) Limited Account 02

72,774 Securities Services Nominees Ltd 300362 20,000 Securities Services Nominees Ltd 300350

65,133 Securities Services Nominees Ltd 339551

236,082 Securities Services Nominees Ltd 300691

262,348 Chase Nominees Limited 39668

HSBC Global Custody Nominee (UK)

1,519,160 Limited 636003

HSBC Global Custody Nominee (UK)

381,426 Limited 640766

576,499 Stargas Nominees Limited -

5. Date of the transaction and date on which the threshold is crossed or reached:

26th February 2010

6. Date on which issuer notified:

8th March 2010

7. Threshold(s) that is/are crossed or reached:

BELOW 5%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

if possible using the ISIN CODE

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

VGG379591065

6,986,421

6,986,421

6,880,572

6,880,572

0

4.98%

0.00%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

 6,880,572

 4.98%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Andre Confavreux , Company Secretary, Gem Diamonds

15. Contact telephone number:

 0203 043 0280