Source - RNS
RNS Number : 8698M
Gemfields PLC
18 October 2016

Gemfields plc

("Gemfields" or "the Company")

Changes to Board of Directors

18 October 2016


Gemfields plc announces the resignation of COO, Devidas Shetty, who will leave the Gemfields Group and step down from the board of directors on Monday the 31st October 2016 to pursue new opportunities outside of the business. Janet Boyce, CFO, will join the board on that date subject to completion of standard director due diligence.


Ian Harebottle, CEO, said:


"Dev joined Gemfields as CFO in January 2010, becoming COO in September 2012. He has made a tremendous contribution to the growth and development of Gemfields and we wish him every success for the future. His responsibilities will be re-allocated internally.


I am delighted that Janet Boyce, who joined Gemfields as CFO in August 2013 will join the board in her existing capacity as CFO on the 1st November 2016. "




[email protected]

JJ Williams, Company Secretary

+44 (0)20 7659 4965



Grant Thornton UK LLP          


Nominated Adviser


Philip Secrett/Richard Tonthat/Jamie Barklem

+44 (0)20 7383 5100



J.P. Morgan Cazenove 


Joint Broker


Jamie Riddell / James Deal       

+44 (0)20 7742 4000



BMO Capital Markets Limited


Joint Broker


Jeff Couch/Neil Haycock/Tom Rider/Jenny Wyllie

+44 (0)20 7236 1010



Macquarie Capital (Europe) Limited

Joint Broker

Raj Khatri/Nick Stamp/Guy de Freitas



+44 (0)20 3037 2000





Jos Simson/Emily Fenton/Barnaby Hayward

+44 (0)20 7920 3150


Notes to Editors:

Gemfields plc is the world's leading supplier of responsibly sourced coloured gemstones and is quoted on the AIM division of the London Stock Exchange (ticker: GEM) where it is a constituent of the AIM50 index.


Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition Gemfields also holds a 50% interest in the Kariba amethyst mine in Zambia, as well as controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Colombia, Ethiopia, Madagascar and Sri Lanka.


Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage - enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones, advancing the wider group's "mine and market" vision.


Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of quality coloured gemstones to the global downstream markets. This is a key component of the Company's business model which the Directors believe has played an important role in the appropriate distribution and associated resurgence of the global coloured gemstone sector.

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