28 June, 2018
GEM DIAMONDS LIMITED
("Gem Diamonds" or "the Company")
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Management and Board Update
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Gem Diamonds Limited (LSE: GEMD) announces that its Deputy Chief Executive Officer and Chief Operating Officer, Johnny Velloza, has advised of his intention to leave the Company as an executive on 15�September�2018.� As intended, Johnny will join the Board on 1 July, initially in an executive capacity and from 15 September 2018 onwards, as a Non-Executive Director.�
Johnny will be taking up a position as Joint Chief Executive Officer in a large copper and cobalt company operating in the DRC. �A search for his successor is underway and a further announcement on succession plans will be made in due course. �In the interim, Gavin Beevers will join the Company as technical advisor from 1 July during the handover period and beyond. �Gavin is an ex De Beers technical director, who has spent 10 years on the Gem Diamonds' Board and is well versed in the Company's operations. �Gavin will continue to support the new Chief Operating Officer as required.
The Gem Diamonds Limited LEI number is 213800RC2PGGMZQG8L67
Gem Diamonds' CEO, Clifford Elphick commented:
"We are sorry to see Johnny leave our Company as an executive but look forward to his ongoing contribution as a Board member in the future.� We are most grateful to him for his key role in the transformation process which the Company will continue to pursue, to generate further strong returns to our shareholders. �We appreciate that this is a great opportunity for Johnny and wish him all the best in his new role."
Johnny Velloza commented:
"It is with great regret that I leave Gem Diamonds as an executive officer after working through a very significant turnaround process which has seen enormous progress and is on track to deliver on the targets the Company has outlined. ��I look forward to continuing to support the Company as a Non-Executive Director.� A tremendous opportunity has presented itself with additional scope for personal growth which I have chosen to accept."
For further information:
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Gem Diamonds
Susan Wallace, Company Secretarial department
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Celicourt�Communications
Mark Antelme / Joanna Boon
Tel:� +44 (0)� 207 520 9261
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About Gem Diamonds:
Gem Diamonds is a leading global diamond producer of high value diamonds. The Company owns 70% of the Let�eng mine in Lesotho and 100% of the Ghaghoo mine in Botswana. The Let�eng mine is famous for the production of large, top colour, exceptional white diamonds, making it the highest dollar per carat kimberlite diamond mine in the world. � www.gemdiamonds.com
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