LONG TERM INCENTIVE PLAN AWARDS TO DIRECTORS UNDER THE EMPLOYEE SHARE OPTIONS PLAN

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04 Dec 2008

Gem Diamonds (LSE:GEMD) announces the following award of Performance Shares (at a nominal value of US$0.01 each), which has been made on 3 December 2008 to Chief Operating Officer Alan Ashworth under the Employee Share Options Plan (ESOP).

Mr Ashworth has today been awarded 19,048 Performance Shares.

Following this award, Alan Ashworth holds a total of 43,057 Performance Shares.

The beneficial shareholding of Alan Ashworth in the Company's Ordinary Shares of US$0.01 each is 10,000 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.

For further information:
Gem Diamonds Limited

Andre Confavreux, Company Secretary
020 3043 0280