Zambia has officially suspended the 15% export duty on precious gemstones and metals, a significant move poised to invigorate the nation’s emerald industry. The decision, announced by Minister of Finance Dr. Situmbeko Musokotwane, takes immediate effect and is expected to enhance the competitiveness of Zambia’s gemstone exports.
The suspension benefits key players in the industry, including Kagem Mining Limited, which is 75% owned by Gemfields Group Limited and 25% by Zambia’s Industrial Development Corporation. This policy shift is widely seen as a catalyst for growth in the sector.
Sean Gilbertson, CEO of Gemfields, lauded the government’s decision, highlighting its impact on industry sustainability: “We extend our heartfelt gratitude to President Hakainde Hichilema’s administration for their swift and strategic action. The Zambian emerald sector has experienced extraordinary growth over the past 16 years, positioning the country as the world’s leading exporter of emeralds. This suspension reinforces the government’s commitment to fostering economic growth and job creation in Zambia.”
Industry stakeholders anticipate that this policy will attract more investment, encourage increased production, and further solidify Zambia’s reputation as a premier source of high-quality emeralds. The removal of the export duty underscores the government’s dedication to creating a thriving and competitive gemstone industry, benefiting both local miners and the broader economy.
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
