23 October 2024                                                                                                                                              

GEM DIAMONDS LIMITED

Q3 2024 Trading Update

Gem Diamonds Limited (LSE: GEMD) ("Gem Diamonds" or the "Company" or the "Group") provides the following Trading Update detailing the Group's operational and sales performance from 1 July 2024 to 30 September 2024 ("Q3 2024" or the "Period").

Highlights:

·    The highest price achieved in the Period was US$45 537 per carat for a 10.98 carat pink diamond.

·    26 617 carats were sold during the Period (Q2 2024: 24 422 carats), generating revenue of US$42.7 million (Q2 2024: US$34.8 million) and achieving an average price of US$1 603 per carat (Q2 2024: US$1 424 per carat).

·    Six diamonds sold for more than US$1.0 million each, contributing US$22.6 million to the revenue for the Period.

·    Five greater than 100 carat diamonds were recovered during the Period bringing the total year to date recoveries of greater than 100 carat diamonds to 13.

·    Carats recovered during the Period were 24 678 (Q2 2024: 25 366).

·    Four greater than 100 carat diamonds were sold during the Period.

·    All operational and financial metrics are trending within the revised guidance issued for 2024.

Letšeng Diamonds production summary:

FOR FURTHER INFORMATION:

Gem Diamonds Limited               

Kiki Constantopoulos, Company Secretary

ir@gemdiamonds.com

Celicourt Communications

Mark Antelme / Felicity Winkles                                               

Tel: +44 (0) 20 770 6424

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67.

ABOUT GEM DIAMONDS:

Gem Diamonds is a leading global 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, exceptional white

diamonds, making it the highest dollar per carat kimberlite diamond mine in the world.

www.gemdiamonds.com