DIRECTOR'S SALE OF SHARES

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28 Aug 2009

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 43, 000 Ordinary Shares of US$ 0.01 each, at a price of £2.51 on 28 August 2009 to cover tax costs.

Gavin Beevers now holds 145,614 shares (0.11%).

For further information:
Gem Diamonds Limited

Andre Confavreux
Tel: +44 203 043 0280