Recovery of exceptional 183 carat diamond

4 February 2020

GEM DIAMONDS LIMITED

("Gem Diamonds" or "the Company")

Recovery of exceptional 183 carat diamond

Gem Diamonds Limited (LSE: GEMD) is pleased to announce the recovery of an exceptional 183 carat white Type IIa diamond on 3 February 2020. On the same day, the Company also recovered two different high quality diamonds, one of 89 carats and the other of 70 carats, from the Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world.

A photograph of the 183 carat diamond may be found on the company website, www.gemdiamonds.com

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67

For further information:

Gem Diamonds

Susan Wallace, Company Secretarial department

[email protected]

Celicourt Communications

Mark Antelme / Oliver Mills

Tel: +44 (0) 208 434 2643

About Gem Diamonds:

Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Letšeng mine in Lesotho. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. www.gemdiamonds.com