Sunday, July 7, 2024

Gemfields Announces Board Reshuffle with New Chair and Directors

London — Gemfields has announced significant changes to its board, with Bruce Cleaver set to join as Chair and Independent Non-Executive Director on July 1, 2024. Cleaver, known for his leadership at De Beers Group, will also chair the Nomination Committee.

Outgoing Chair Martin Tolcher commented, “After 15 years on Gemfields’ Board and nearly 5 years as Chair, I believe it’s the right time to step away to enhance Board independence. Bruce Cleaver is an outstanding successor, and I am confident that Gemfields will thrive under his guidance.”

Cleaver expressed gratitude and enthusiasm, stating, “I want to thank Martin for his significant contributions to Gemfields. The company has evolved remarkably, becoming a leader in the coloured gemstone market. I am excited to join the Board and work with the team to drive Gemfields’ next phase of growth, including the new processing plant at MRM, which will triple our throughput capacity by mid-2025.”

New Appointments

Simon Scott will join as an Independent Non-Executive Director, serving on the Audit and Nomination Committees and chairing the Risk Council. Scott brings experience from his roles as CFO of Lonmin plc and Non-Executive Director at First Quantum Minerals Ltd and Sylvania Platinum Ltd.

Kieran Daly will join as a Non-Executive Director. Currently an alternate director to Patrick Sacco, Daly is Managing Director of Assore International Holdings and Executive: Growth & Strategic Development at Assore Holdings, with extensive mining experience.


In line with the 2023 Notice of AGM, Martin Tolcher and Lumkile Mondi will resign effective July 1, 2024. Carel Malan will also step down to focus on his role at Ore & Metal Company Ltd. Their contributions will be acknowledged at the AGM on June 25, 2024.

Other Board Changes

Kwape Mmela, currently an Independent Non-Executive Director and Chair of the Remuneration Committee, will become the Lead Independent Non-Executive Director and join the Audit Committee from July 1, 2024.

New Directors’ Board Appointments

Bruce Cleaver: Currently with Grantley House (Kent) Limited and Vergelegen Wines (Pty) Ltd; formerly with De Beers Group and others.

Simon Scott: Currently with First Quantum Minerals Limited and Sylvania Platinum Limited; formerly with Anglogold Ashanti Holdings PLC.

Neither Bruce (59) nor Simon (66) holds interests in the company’s ordinary shares. No further disclosures are required under Schedule 2 (g) of the AIM Rules for Companies.

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