Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking Gemfields
Gemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.

The new export duty, which took effect Jan. 1, will be applied on top of an existing 6 percent mineral royalty tax.
Gemfields said this will raise the effective tax on revenues at the Kagem emerald mine, which it owns in partnership with the Zambian government’s Industrial Development Corporation, to 21 percent, in addition to a 30 percent corporation tax.
The 15 percent export duty was first introduced in 2019 but suspended later that year following negotiations between the government and the country’s emerald sector.
The government revoked the 2019 duty suspension without notice or consultation, Gemfields said.
Zambia is among the world’s three largest emerald exporters along with Brazil and Colombia.
Brazil and Colombia’s aggregate tax on revenues are 2 percent and 2.5 percent, respectively, in addition to corporation taxes of 34 percent and 33 percent, respectively, according to Gemfields.
Gemfields said in 2023, when no export duty was in place, Kagem paid 31 percent of its revenues to the Zambian government in the form of mineral royalties, corporation taxes, and dividends.
Citing the impact the tax could have on sector sustainability and investment attractiveness, the miner said it plans to ask the government to suspend the export duty again.
The company said it is aware of several additional measures introduced in other areas of the economy that could bring in more money for the Zambian government and wouldn’t involve taxing precious stone exports.
As of Dec. 23, Gemfields has suspended emerald mining at Kagem for up to six months due to oversupply in the market.
For now, it has shifted focus to processing ore from Kagem’s ore stockpiles.
In an email to National Jeweler, the miner said despite the suspension, all affected employees will be paid their usual monthly basic salaries pursuant to Zambian law.
The Latest

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.

The rapper and singer-songwriter will perform at Tao Beach on June 8.

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

Supplier Spotlight Sponsored by GIA

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.


The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.

Dubbed the “Mediterranean Blue,” this “remarkably rare” diamond will be part of Sotheby’s May jewelry auction in Geneva.

The American Gem Society now offers a Jewelry Evaluation Advisor designation as well as an updated Certified Sales Associate designation.

Rebecca Zeijdel-Paz created more than 75 new pieces for the residency, which will be on display at Trove’s store in New York through April.

Smith explores why a qualified candidate might still not be right for the job.

The company and its marketing agency, Loudr, were recognized for the “Make You Dance” marketing campaign.

The “Series8” and “Attesa” collections will be grouped under Citizen Premier.

David Fager, a former systems engineer at the retailer, was promoted to the role.

From retailers to designers and the media, the fine jewelry industry recognized one another’s work and looked to the future.

Eleanor H. Yeh is the recipient of the eighth annual Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.

Joseph Cavalcante takes on the dual role as the Spanish jewelry brand looks to expand further into the U.S. market.

The trade show has also upgraded its venue to the Caesars Forum Conference Center.

The Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.

Reeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.

The piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.

The Indian jewelry brand recently opened stores in Atlanta and Seattle.

CEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.

The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.

Chris Anderson is joining the insurance provider as the new chief financial officer and treasurer.