Gemfields Plc

Holdings in Company

17 December 2009

Gemfields Plc ("Gemfields" or "the Company", Ticker "GEM") received
notification on 15 December 2009 from QVT Financial LP ("QVT") that on 11
December, QVT through shareholdings of QVT Fund LP, Quintessence Fund L.P. and
Deutsche Bank AG London purchased 12,500,000 of the Company's ordinary 1p
shares. Following this transaction, QVT has an interest through direct
ownership in a total of 25,264,875 shares.

QVT, through both direct ownership and contracts for difference, has a total
interest in 38,014,875 shares representing 11.73% of the ordinary shares of 1p
in the Company.

Enquiries:

Richard James, CFO Tel: +44 (0)20 7518 3402

Gemfields Plc

Mike Jones/Tarica Mpinga/Andrew Chubb Tel: +44 (0)20 7050 6500

Canaccord Adams Ltd

Nominated Adviser and Joint Broker to Gemfields