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:

Gemfields plc

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 thenotification obligation:

Investec Pallinghurst (Cayman) L.P.

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

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

28 January 2013

6. Date on which issuer notified:

28 January 2013

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

Investec Pallinghurst (Cayman) L.P. -

Decreased from 16.41% direct interest held prior to the transaction, to 9.91% direct and an additional 2.74% indirect interest held, giving an overall interest of 12.64% after the transaction.

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

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

Ord 1p shares

53,491,818

53,491,818

53,491,818

53,491,818

14,781,229

9.91%

2.74%

GB00B0HX1083

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

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

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

N/A

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

Share held directly: 53,491,818

Shares held indirectly: 14,781,229

Total shares held: 68,273,047

 9.91%

 2.74%

12.64%

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

Pre notification (of share issue):

Investec Pallinghurst (Cayman) L.P. = 53,491,818 shares (16.41% voting right in Gemfields plc)

Post notification (of share issue):

Investec Pallinghurst (Cayman) L.P. (Direct holding) = 53,491,818 shares (9.91% voting rights in Gemfields plc)

Investec Pallinghurst (Cayman) L.P. (Indirect through Faberge Conduit Ltd) = 14,781,229 shares (2.74% voting rights in Gemfields plc)

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 holdvoting rights:

N/A

13. Additional information:

14. Contact name:

Clive Harris

15. Contact telephone number:

001 345 940 6700