Gemfields Group Limited, a prominent miner of colored gemstones, has expressed its approval of the Zambian government’s choice to suspend the 15% export duty on precious gemstones and metals, a decision poised to greatly benefit the country’s emerald industry.
The suspension, which was announced by Zambia’s Minister of Finance, Dr. Situmbeko Musokotwane, takes effect immediately. Consequently, the duty will no longer be enforced on emeralds extracted by Kagem Mining Limited, which is predominantly owned (75%) by Gemfields and partly owned (25%) by Zambia’s Industrial Development Corporation.
Sean Gilbertson, the CEO of Gemfields, commended the Zambian government’s decision, saying: “We extend our heartfelt gratitude to President Hakainde Hichilema’s administration for their swift and commendable action in addressing the 15% export duty on precious gemstones. Over the past 16 years, the Zambian emerald sector has experienced remarkable growth and is currently – by a significant margin – the leading exporter of emeralds globally. The government’s cooperative approach and responsive action are clear indicators of its commitment to fostering growth and employment for Zambia, and this move puts our industry back on a path to continue that progress.”