NOTIFICATION OF ANNUAL RESULTS ANNOUNCEMENT

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10 Mar 2011

Gem Diamonds Limited (LSE: GEMD) announces that it intends to release its full year results for the year ended 31 December 2010 at 7am BST on Tuesday 15 March 2011.

An analyst's presentation will be held at 9:30am BST in The Gold Room, No. 1 Cornhill, London, EC3V 3ND. A live webcast of this presentation will also be available on the Company's website (www.gemdiamonds.com).

For further information:
Gem Diamonds Limited

Clifford Elphick, Chief Executive Officer
Glenn Turner, Chief Commercial and Legal Officer
Tel: +44 (0) 203 043 0280

Richard Chetwode, Investor Relations
Tel: +44 (0) 203 043 0280
Mob: +44 (0) 759 0064 883

Gem Diamond Technical Services (Pty) Ltd

Sherryn Tedder, Media 
Tel: +27 (0) 11 560 9618
Mob: +27 (0) 83 943 4505

Pelham Bell Pottinger

James MacFarlane 
Tel: +44 (0) 207 861 3864

Charles Vivian 
Tel: +44 (0) 207 861 3864

About Gem Diamonds:

Gem Diamonds is a global diamond mining company that is pursuing a long term growth strategy through the development of its existing assets and targeted acquisitions. Under the depressed market conditions of late 2008 and early 2009, the Company focused its strategy on developing its cash generating assets and curtailing all non-essential capital and development expenditure. Following the steady improvement in the diamond market during 2010, the Company has now developed a growth strategy designed to take advantage of these improving conditions.

The Company's portfolio comprises producing kimberlite and lamproite mines in Lesotho and Australia, as well as development projects and exploration assets in Angola and Botswana.

With Letšeng's production of the world's most remarkable white diamonds and Ellendale's production of rare fancy yellow diamonds, Gem Diamonds remains focused on higher value diamonds. This segment of the market is expected to deliver attractive long term returns.