Notice of 2010 Annual Results Announcement

10 March 2011

Gem Diamonds Limited

Notification of Annual Results Announcement

Gem Diamonds Limited (LSE: GEMD) announces that it intends to release its full year results for the year ended 31 December 2010 at 7am BST on Tuesday 15 March 2011.

An analysts presentation will be held at 9:30am BST in The Gold Room, No. 1 Cornhill, London,EC3V 3ND. A live webcast of this presentation will also be available on the Company's website (www.gemdiamonds.com)

For further information:

Gem Diamonds Limited

Clifford Elphick, Chief Executive OfficerGlenn Turner, Chief Commercial and Legal OfficerTel: +44 (0) 203 043 0280

Richard Chetwode, Investor RelationsTel: +44 (0) 203 043 0280 Mob: +44 (0) 759 0064 883

Gem Diamond Technical Services (Pty) Ltd

Sherryn Tedder, MediaTel: +27 (0) 11 560 9600 Mob: +27 (0) 83 943 4505

Pelham Bell Pottinger

Charles Vivian / James MacFarlaneTel: +44 (0) 207 861 3864

About Gem Diamonds:

Gem Diamonds is a global diamond mining company that is pursuing a long term growth strategy through the development of its existing assets and targeted acquisitions. Under the depressed market conditions of late 2008 and early 2009, the Company focused its strategy on developing its cash generating assets and curtailing all non-essential capital and development expenditure. Following the steady improvement in the diamond market during 2010, the Company has now developed a growth strategy designed to take advantage of these improving conditions.

The Company's portfolio comprises producing kimberlite and lamproite mines in Lesotho and Australia, as well as development projects and exploration assets in Angola and Botswana.

With Letšeng's production of the world's most remarkable white diamonds and Ellendale's production of rare fancy yellow diamonds, Gem Diamonds remains focused on higher value diamonds. This segment of the market is expected to deliver attractive long term returns.