NOTIFICATION OF TRADING UPDATE

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15 May 2015

Gem Diamonds Limited (LSE: GEMD) will be releasing a Trading Update for the period 1 January 2015 to 20 May 2015 at 07:00 GMT on Thursday, 21 May 2015.

FOR FURTHER INFORMATION:
Gem Diamonds Limited

Sherryn Tedder, Investor Relations
Tel: +44 (0)203 043 0280
Mob: +44 (0)777 824 6321

Bell Pottinger

Daniel Thöle/Joanna Boon
Tel: +44 (0) 203 772 2500

ABOUT GEM DIAMONDS:

Gem Diamonds is a leading global diamond producer of high value diamonds. The company owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Letšeng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. Since Gem Diamonds' acquisition of Letšeng in 2006, the mine has produced four of the twenty largest white gem quality diamonds ever recorded.

Gem Diamonds has a growth strategy based on the expansion of the Letšeng mine and bringing the Ghaghoo mine into production, while maintaining its strong balance sheet. The Company seeks to maximise revenue and margin from its rough diamond production by pursuing cutting, polishing and sales and marketing initiatives further along the diamond value chain. With favourable supply/demand dynamics expected to benefit the industry over the medium to long term, particularly at the high end of the market supplied by Gem Diamonds, this strategy positions the Company well to generate attractive returns for shareholders in the coming years.

www.gemdiamonds.com