DIRECTOR'S SALE OF SHARES

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20 May 2008

Having been given permission to deal and in accordance with DTR 3.1.3, Gem Diamonds received notification that non-Executive Director Gavin Beevers sold 10 000 Ordinary Shares of US$ 0.01 each, at a price of £11.66 on 19 May 2008 to cover the taxation charge associated with the award of shares made by the Company to Mr. Beevers.

For further information:
Gem Diamonds Limited

Andre Confavreux
Tel: +44 203 043 0280