Holding(s) in Company

18th Mar 2011 10:00

For filings with the FSA include the annex For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

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

Plc attached:ii

2 Reason for the notification (please tick the appropriate box or boxes): 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 the QVT Financial LP notification obligation:iii

4. Full name of shareholder(s) QVT Fund LP

(if different from 3.):iv Quintessence Fund L.P.

5. Date of the transaction and date on which the threshold is crossed or 08 March 2011

reached: v

6. Date on which issuer notified: 10 March 2011 7. Threshold(s) that is/are crossed or 11%, 10%

reached: vi, vii 8. Notified details:

A: Voting rights attached to shares viii, ix Class/type of Situation previous Resulting situation after the triggering transaction shares to the triggering transaction if possible Number Number Number Number of voting % of voting rights x using of of of shares rights the ISIN CODE Shares Voting Rights Direct Direct xi Indirect Direct Indirect xii 25,264,875 25,264,875 18,264,875 18,264,875 5.63% GB00B0HX1083

B: Qualifying Financial Instruments Resulting situation after the triggering transaction Type of financial Expiration Exercise/ Number of voting % of voting instrument date xiii Conversion Period xiv rights that may be rights acquired if the instrument is exercised/ converted. C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financial Exercise Expiration Exercise/ Number of voting rights % of voting rights instrument price date xvii Conversion instrument refers to xix, xx period xviii 11,265,447 Nominal Delta CFD 3.48% Total (A+B+C) Number of voting rights Percentage of voting rights 29,530,322 9.11%

9. Chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held, if applicable: xxi

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: Meg Nowicki 15. Contact telephone number: +1 (212) 705 6229

vendor

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Related Shares:

Gemfields Grou.