AWARDS TO DIRECTORS UNDER THE LONG TERM INCENTIVE PLAN 2007 (LTIP)

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23 Jun 2010

The Company announces the following grants of Conditional Awards (at nominal value US $0.01) and Market Value Options (at an exercise price of 231p) which have been made on 23 June 2010 to Directors under the LTIP.

    Number of shares subject to Conditional Award Number of shares over which Market Value Options are granted
Clifford Elphick   57,000 114,000
Kevin Burford   38,600 77,200
Glenn Turner   38,600 77,200
Alan Ashworth   42,600 85,200

The share holding of each Director in the Company's Ordinary Shares of US $0.01 each is:

Clifford Elphick   9,325,000*
Kevin Burford   458,333
Glenn Turner   400,000
Alan Ashworth   21,900

* Clifford Elphick is interested in these ordinary shares by virtue of his interest as a potential beneficiary in a discretionary trust which has an indirect interest in those ordinary shares.

These Conditional Awards under the LTIP are structured in the form of nil-cost options and normally vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Awards which do not vest will lapse. Nil-cost options which vest are exercisable between 23 June 2013 and 23 June 2020.

Market Value Options normally vest on the third anniversary of the date of grant, subject to achieving certain performance conditions. Those which do not vest will lapse. Options which vest are exercisable between 23 June 2013 and 23 June 2020.

In addition to the above, the number of shares over which Conditional Awards and Market Value Options were granted at the same time to senior employees totalled 730,000 shares

The total number of shares over which Conditional Awards and Market Value Options are granted was 1,376,200

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

Sherryn Tedder, Corporate Affairs
Tel: +27 (0)11 560 9600
Mob: +27 (0) 83 943 4505

Pelham Bell Pottinger

James MacFarlane/ Charles Vivian
Tel: +44 (0) 20 7861 3232