Gem Diamonds Limited (LSE:GEMD) commences share repurchases on April 21, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 2, 2021. As per the mandate, the company is authorized to repurchase up to 14,016,955 shares, representing 10% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 105% of the average of average of the closing price of the Company's ordinary share as derived from the London Stock Exchange Daily Official List during the five business days immediately prior to the date of purchase and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the relevant trading platform. The purpose of the program is to reduce the share capital of the company. The repurchased shares will be held in treasury. The program will be valid till the next Annual General Meeting to be held on June 8, 2022.

On April 12, 2022, the company announces a repurchase program. Under the program, the company will repurchase up to $2 million worth of its shares. The repurchases will be made through an agreement entered with the company's broker.