Zambia suspended 15% export duty from gemstones
Gem mining industry back on track to continue that trajectory Further to the announcement made by the Company on 8 January 2025, Gemfields is pleased to announce that the Honourable Minister of Finance of Zambia, Dr Situmbeko Musokotwane, has suspended the 15% export duty on precious gemstones and metals by issuing Statutory Instrument No. 4 of 2025 on 18 February 2025 (the Customs and Excise (Precious Stones and Metals) (Export Duty) (Suspension) Order). This suspension is effective immediately. As a result, the 15% export duty on precious gemstones will no longer apply to the Zambian emeralds mined by Kagem Mining Limited ("Kagem") which is 75% owned by Gemfields and 25% owned by the Zambian Government's Industrial Development Corporation. Sean Gilbertson, CEO of Gemfields, said, “We express our sincere thanks to President Hakainde Hichilema’s government for their prompt and impressive action in addressing the 15% export duty on precious gemstones. ...