APPOINTMENT OF JOINT BROKER

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Gem Diamonds (LSE: GEMD), the FTSE 250 listed diamond company, is pleased to announce that it has appointed Liberum Capital Limited ("Liberum") to act as its joint broker with immediate effect.

Liberum is one of the UK's leading independent investment banks providing equity research, sales, trading and corporate broking capabilities, with offices in London and New York. JP Morgan Cazenove will continue to act as joint broker alongside Liberum.

For further information, please contact:

Gem Diamonds Limited

Sherryn Tedder, Investor Relations
Kim O'Farrell, Public and Media Relations
+27 (0) 11 560 9600
+44 (0) 203 043 2080

Liberum Capital

Michael Rawlinson
Christopher Britton
Christopher Kololian
+44 (0) 20 3100 2000

Pelham Bell Pottinger

James MacFarlane
+44 (0) 20 7861 3232

About the Company

Gem Diamonds is a leading global diamond producer with a focus on high value diamonds. Its production portfolio comprises kimberlite and lamproite mines in Lesotho and Australia, and a mine development project in Botswana. Both production mines are world-leaders in production of the highest quality, highest value gems: remarkable whites from the Letšeng mine in Lesotho; fancy yellow diamonds from Ellendale in Australia. This production positions the Company strongly in a segment of the market expected to generate attractive returns over the long term.

Gem Diamonds has a clear and consistent growth strategy, based on development of its existing assets and carefully targeted acquisition. The strategy has been implemented with a view to capitalising on the steady improvement in the diamond market seen during 2010-11 and the supply demand dynamics which are expected to continue for the foreseeable future.