GEMFIELDS GROUP LTD LISTS ON THE LONDON STOCK EXCHANGE

Gemfields Group Limited (“Gemfields”), the company that owns the Kagem emerald mine in Lufwanyama in partnership with the Zambian government, listed its shares on the AIM market of the London Stock Exchange (LSE) on 14 February 2020.

The listing is the latest demonstration of Gemfields’ ethos of transparency, legitimacy and integrity, enabling a wider reach of international investors to take a direct stake in Gemfields, which owns 75% of the Kagem emerald concession in Lufwanyama, with 25% owned by the government through the Industrial Development Corporation (IDC).

“The admission to the London market is an important milestone for Gemfields after a decade of growth in the demand and prices for precious coloured gemstones. The AIM listing seeks to provide UK, European and international investors with more expedient entry into the precious coloured gemstone market, to improve share trading liquidity and to widen Gemfields’ current investor base. Our team looks forward immensely to this next phase in Gemfields’ development and to delivering value for all our stakeholders,” Gemfields CEO Sean Gilbertson said.

Gemfields has maintained its primary listing on the Johannesburg Stock Exchange (JSE).

Since acquiring 75 percent of Kagem in 2008, Gemfields has been meticulous in declaring revenue, which has reached approximately US$635 million, from the sale of emeralds at auctions both locally and internationally, which are overseen by representatives from the Ministry of Mines and Zambia Revenue Authority (ZRA).

According to the firm, proceeds from the auctions are repatriated to Zambia, generating valuable foreign exchange for the nation.