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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IGGrbKScPYxRj0SIKNRFbHWe6AKDVg6gS33f7ZnMY44zdIi1/xx49KiXxRo9l20Q
 GVsDkg1sLnjxUOgdEFu1cw==

<SEC-DOCUMENT>0000899681-09-000204.txt : 20090310
<SEC-HEADER>0000899681-09-000204.hdr.sgml : 20090310
<ACCEPTANCE-DATETIME>20090310131007
ACCESSION NUMBER:		0000899681-09-000204
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(1)
FILED AS OF DATE:		20090310
DATE AS OF CHANGE:		20090310
EFFECTIVENESS DATE:		20090310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAMERCY EMERGING MARKETS LLC
		CENTRAL INDEX KEY:			0001257997
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-57437
		FILM NUMBER:		09668632

	BUSINESS ADDRESS:	
		STREET 1:		20 DAYTON AVENUE
		STREET 2:		C/O GRAMERCY ADVISORS LLC
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-552-1900

	MAIL ADDRESS:	
		STREET 1:		20 DAYTON AVENUE
		STREET 2:		C/O GRAMERCY ADVISORS LLC
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAMERCY EMERGING MARKET LLC
		DATE OF NAME CHANGE:	20030801
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0201</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001257997</cik>
        <entityName>GRAMERCY EMERGING MARKETS LLC</entityName>
        <issuerAddress>
            <street1>20 Dayton Avenue</street1>
            <city>Greenwich</city>
            <stateOrCountry>CT</stateOrCountry>
            <zipCode>06830</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(203) 552-1900</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc></jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>N/A</firstName>
                <middleName></middleName>
                <lastName>Gramercy Advisors, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20 Dayton Avenue</street1>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>S.</middleName>
                <lastName>Koenigsberger</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20 Dayton Avenue</street1>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jay</firstName>
                <middleName>A.</middleName>
                <lastName>Johnston</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20 Dayton Avenue</street1>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <middleName>G.</middleName>
                <lastName>Seaman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20 Dayton Avenue</street1>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName></middleName>
                <lastName>DelVirginia</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20 Dayton Avenue</street1>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName></middleName>
                <lastName>Rauch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>20 Dayton Avenue</street1>
                <city>Greenwich</city>
                <stateOrCountry>CT</stateOrCountry>
                <zipCode>06830</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-03-031262</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1999-04-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>5000000</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>52427468</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>64</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Gramercy Emerging Markets LLC</issuerName>
                <signatureName>/s/ John DelVirginia</signatureName>
                <nameOfSigner>John DelVirginia</nameOfSigner>
                <signatureTitle>CFO of Gramercy Advisors, LLC, the Manager</signatureTitle>
                <signatureDate>2009-03-10</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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