High Quality 113 Carat Type II White Diamond

19 February 2024

GEM DIAMONDS LIMITED

("Gem Diamonds" or "the Company")

Recovery of a High Quality 113 Carat Type II White Diamond

Gem Diamonds Limited (LSE: GEMD) is pleased to announce the recovery of a high quality 113 carat white Type II diamond, recovered at the Letšeng mine in Lesotho on 17 February 2024.

Together with the 295 carat high quality Type II white diamond recovered on 8 January 2024 and a 139 carat low quality Boart diamond recovered on 17 January 2024, the 113 carat is the third greater than 100 carat diamond recovered to date this year.

For further information:

Gem Diamonds

Kiki Constantopoulos, Company Secretary

Tel: +44 (0) 203 043 0280

ir@gemdiamonds.com

Celicourt Communications

Mark Antelme/Felicity Winkles

Tel: +44 (0) 207 777 6424

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