TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:		Gem Diamonds Ltd
2 Reason for the notification
An acquisition or disposal of voting rights			YES
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation:	Aberforth Partners LLP
4. Full name of shareholder(s) (if different from 3.)	Shareholder Shares 1. Aberforth Smaller Companies Trust plc 5,602,762 2. Aberforth UK Small Companies Fund 929,737 4.The National Trust for Places of Historic Interest or Natural Beauty 476,106 Shares are registered in the name of Nortrust Nominees Ltd
5. Date of the transaction and date on which the threshold is crossed or reached:	23/09/2016
6. Date on which issuer notified:	26/09/2016
7. Threshold(s) that is/are crossed or reached:	5%

8. Notified details

A: Voting rights attached to shares

Class/type of
shares

if possible using
the ISIN CODE

Situation previous
to the triggering
transaction

Resulting situation after the triggering transaction

Number
of
Shares

Number
of
Voting
Rights

Number of shares

Number of voting
rights

% of voting rights ^x

Direct ^xi

Indirect ^xii

Direct

Indirect

Below 5%

7,008,605

N/A

7,008,605

N/A

5.07

Ordinary

VGG379591065

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration date ^xiii

Exercise/
Conversion Period ^xiv

No. of voting rights that may be acquired if the
instrument is
exercised/ converted.

% of voting rights

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial
instrument

Expiration price

Expiration date

Exercise/
Conversion period

No. of voting rights instrument refers to

% of voting rights

N/A

Nominal

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,008,605

5.07

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:
Held by Aberforth Partners LLP

Proxy Voting:
10. Name of the proxy holder:		N/A
11. Number of voting rights proxy holder will cease to hold:		N/A
12. Date on which proxy holder will cease to hold voting rights:		N/A

13. Additional information:
14. Contact name:	Pauline Robson, Aberforth Partners LLP
15. Contact telephone number:	0131 220 0733