Employee Share Options Plan

Gem Diamonds Limited 30 April 2008 Gem Diamonds Limited (The 'Company') 30th April, 2008 LONG TERM INCENTIVE PLAN (LTIP) AWARDS TO DIRECTORS UNDER THE EMPLOYEE SHARE OPTIONS PLAN (ESOP) The Company announces the following awards of Performance Shares (at a nominal value of US$0.01 each), which have been made on 30 April 2008 to Directors under the ESOP. Clifford Elphick 34,667 Kevin Burford 24,009 Glenn Turner 24,009 Alan Ashworth 24,009 These Directors do not currently hold any Performance Shares. The shareholding of each Director in the Company's Ordinary Shares of US$0.05 each is: Clifford Elphick 9,325,000* Kevin Burford 458,333 Glenn Turner 600,000 Alan Ashworth Nil *Clifford Elphick is interested in these shares by virtue of his interest as a potential beneficiary in a discretionary trust which has an indirect interest in those Ordinary Shares. Performance Shares under the ESOP vest on the 3rd anniversary of the date of the award subject to achieving performance conditions. Performance Shares which do not vest will lapse. In addition to the above, Performance Shares were awarded under the ESOP at the same time to senior and other employees totalling 284,404. The total award of Performance Shares (at nominal value) is 391,098. Andre Confavreux Company Secretary Gem Diamonds Limited This information is provided by RNS The company news service from the London Stock Exchange