Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:

Gem Diamonds Ltd

2 Reason for the notification

An acquisition or disposal of voting rights

YES

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 thenotification obligation:

Aberforth Partners LLP

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

Shareholder Shares

1. Aberforth Smaller Companies Trust plc 5,602,762

2. Aberforth UK Small Companies Fund 929,737

4.The National Trust for Places of Historic

Interest or Natural Beauty 476,106

Shares are registered in the name of Nortrust Nominees Ltd

5. Date of the transaction and date onwhich the threshold is crossed orreached:

23/09/2016

6. Date on which issuer notified:

26/09/2016

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

5%

8. Notified details

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Number of shares

Number of votingrights

% of voting rights x

Direct xi

Indirect xii

Direct

Indirect

Below 5%

Below 5%

7,008,605

N/A

7,008,605

N/A

5.07

Ordinary

VGG379591065

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expiration date xiii

Exercise/Conversion Period xiv

No. of voting rights that may be acquired if theinstrument isexercised/ converted.

% of voting rights

N/A

N/A

N/A

N/A

NA

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

Resulting situation after the triggering transaction

Type of financialinstrument

Expiration price

Expiration date

Exercise/Conversion period

No. of voting rights instrument refers to

% of voting rights

N/A

N/A

N/A

N/A

N/A

Nominal

%

N/A

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,008,605

5.07

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

Held by Aberforth Partners LLP

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

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

N/A

13. Additional information:

14. Contact name:

Pauline Robson, Aberforth Partners LLP

15. Contact telephone number:

0131 220 0733