Opening of Cutting & Polishing Facility

19th Aug 2008 07:00

Gemfields Resources Plc

Opening of Cutting & Polishing Facility

19 August 2008

Gemfields Resources Plc ("Gemfields" or "the Company", Ticker "GEM") is pleased to announce the official opening of its new cutting and polishing facility in Jaipur, India.

The facility comprises two floors totalling some 4,300 square feet and currently employs 30 people. The facility will, after a settling in period using low grade material, be used to process high grade rough emeralds from Gemfields' Kagem mine in Zambia.

Rajiv Gupta, founder and Executive Vice Chairman of Gemfields said: "This is a significant milestone in Gemfields' vision for the coloured gemstone industry. We believe Gemfields is now the only company capable of bringing high grade, ethically produced, conflict-free emeralds of certified provenance directly from the mine to the market on an integrated basis."

Rajendra Koolwal, Head of Processing, will be responsible for the smooth running of the facility. Mr Koolwal is a veteran of the cutting and polishing industry with over 20 years' experience.

Gemfields CEO Sean Gilbertson said: "We are privileged to have someone of Rajendra's calibre head this facility. His long experience in cutting and polishing can be seen in the layout of the facility, the equipment selection and the fact that it has been delivered on time and below budget."

In a ceremony to mark the occasion, Mr Koolwal presented Sean Gilbertson with the first cut and polished emerald derived from Gemfields' production at the Kagem mine.

About Gemfields:

Gemfields is a leading international coloured gemstone producer, with producing and exploration assets in Zambia and Madagascar. The company seeks to become the leading source of premium coloured gemstones through consolidation and vertical integration on an international scale.

In June 2008, Rox Limited (a portfolio company of Pallinghurst Resources) acquired some 55% of Gemfields' issued share capital. Pallinghurst Resources is chaired by Brian Gilbertson.

For more information:www.gemfields.co.uk

Richard James, CFO [email protected]

Gemfields Resources Plc Tel: +44 (0)20 7016 9416

Mike Jones/Tarica Mpinga +44 (0)20 7050 6500

Canaccord Adams Limited

Neil Passmore/Sam Critchlow +44 (0)20 7588 2828

JP Morgan Cazenove

Charlie Geller/Ed Portman +44 (0)20 7429 6666

Conduit PR +44 (0) 7528 233 383

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