APPOINTMENT OF NON-EXECUTIVE DIRECTORBack
24 Sep 2007
Gem Diamonds (LSE: GEMD) is pleased to confirm the appointment of Lord Renwick of Clifton as a Non-Executive Director of the Company with effect from 24 September 2007.
Lord Renwick served at an important time as British Ambassador to South Africa and, subsequently, as British Ambassador to the United States.
He is Vice Chairman, Investment Banking, of JPMorgan Europe and Vice Chairman of JPMorgan Cazenove. He is a Non-Executive Director of Compagnie FinanciÃ¨re Richemont, Fluor Corporation, Kazakhmys plc and SABMiller plc. Lord Renwick served previously on the boards of BHP Billiton, British Airways and Liberty International.
Gem Diamonds, Chief Executive Officer, Clifford Elphick, commented:
"At the time of our IPO, the Board of Gem Diamonds committed to the shareholders that they intended both to separate the role of Chairman and Chief Exeutive Officer within twelve months and to appoint at least one further Non-Executive Director within six months. We are delighted to welcome Lord Renwick to the Board of Gem Diamonds which fulfils these commitments made to the shareholders Lord Renwick will bring enormous benefits to the Company, with his international experience, strategic vision and extensive experience with growth companies. We look forward to making the most of his valuable contribution."
For further information:
Gem Diamonds Limited
Tel: +44 203 043 0280
Gem Diamond Technical Services (Pty) Limited
Tel: +27 82 418 8735
Tel: +44 207 743 6376
About Gem Diamonds:
Gem Diamonds is a diamond mining company with a balanced portfolio of a producing kimberlite mine, two producing alluvial mines, development projects and longÃ¢â¬Âterm prospects. Established in July 2005, Gem Diamonds is pursuing an accelerated growth strategy and aims to become one of the world's leading diamond companies. Gem Diamonds currently has one producing kimberlite mine, LetÅ¡eng, in Lesotho, two producing alluvial mines Ã¢â¬Â Cempaka in Indonesia and Mbelenge in the Democratic Republic of Congo (DRC), a kimberlite development project in Botswana, two development projects in the DRC, one in the Central African Republic and an option to develop the Chiri kimberlite concession in Angola.
The Company recently made an offer to Kimberley Diamond Company's shareholders to acquire their shares in this company, which owns the Ellendale Mine in north Western Australia, and which was approved by Gem Diamonds' shareholders at an Extraordinary General Meeting on 16 October 2007.
Gem Diamonds currently has a specific focus towards higher value diamonds, a segment of the market that its management believes will deliver superior long term returns.
For further information about Gem Diamonds visitÂ www.gemdiamonds.com.