SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsSourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals
The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
The government of Zambia has once again suspended its 15 percent export duty on precious stones and metals. The country first introduced the export duty in 2019 but lifted it later that year, only to reinstate it in 2025. (Photo courtesy of Gemfields)
Lusaka, Zambia—The Zambian government is reversing its seemingly sudden decision to bring back the country’s 15 percent export duty on precious stones and metals after mining industry leaders spoke out against it.
On Tuesday, Zambia’s Minister of Finance and National Planning Situmbeko Musokotwane issued an order immediately suspending the tax, a measure the government said in a statement would allow producers to better compete in the global market.
“The measure will also encourage increased investment in the exploration and extraction of precious stones and metals, moving beyond the reliance on traditional mineral exports for foreign exchange earnings. The initiative will boost overall mineral production and ultimately increase the country’s foreign exchange earnings through diversified exports,” the statement continues.
“Further, the suspension is expected to have a positive ripple effect throughout the economy, attracting both local and international investors to Zambia’s mining industry.”
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On Tuesday, Zambia’s Minister of Finance and National Planning Situmbeko Musokotwane issued an order immediately suspending the tax, a measure the government said in a statement would allow producers to better compete in the global market.
“The measure will also encourage increased investment in the exploration and extraction of precious stones and metals, moving beyond the reliance on traditional mineral exports for foreign exchange earnings. The initiative will boost overall mineral production and ultimately increase the country’s foreign exchange earnings through diversified exports,” the statement continues.
“Further, the suspension is expected to have a positive ripple effect throughout the economy, attracting both local and international investors to Zambia’s mining industry.”
The Zambian government’s suspension of the 15 percent export duty on gemstones and metals comes less than two months after it was reinstated in an effort to bring more money into government coffers.
On Jan. 21, the Zambian government held a town hall meeting at the Mulungushi International Conference Center in Lusaka to discuss the country’s 2024 economic performance and its outlook and budget for 2025.
Among those who spoke was Victor Kalesha, president of the country’s Emerald & Semi-Precious Stones Association, who said while he applauded the government’s efforts to improve Zambia’s economy, the 15 percent tax on gemstone exports would ultimately hurt the country.
“This 15 percent tax will suffocate gemstone miners, leading to reduced exports, job losses, and decreased income going into the national coffers,” he said. “Instead of promoting growth, this tax will drive investors and buyers to countries with more favorable tax regimes.”
Kalesha’s speech can be viewed on Facebook.
In announcing the suspension of the 15 percent export duty on Facebook, the Zambian government wrote, “Zambians in the precious minerals sector appealed and we listened … This is the wish of Zambians in the sector.”
Gemfields, the London-based company which mines emeralds in Zambia, also spoke out against the 15 percent export duty on gemstones.
Though a Gemfields spokeswoman could not confirm if the company had a representative at the Jan. 21 town hall, she said Gemfields engaged in dialogue with the government over the reinstated tax.
On Wednesday, Gemfields released a statement thanking Zambian President Hakainde Hichilema’s government for its “prompt and impressive” action regarding the export duty.
“The Zambian emerald sector has delivered phenomenal growth over the last 16 years and is today, by a significant margin, the world’s largest emerald exporter,” Gemfields CEO Sean Gilbertson said.
“The government’s collaborative approach and decisive action are clear demonstrations of its intent to deliver growth and jobs for Zambia and this step puts our industry back on track to continue that trajectory.”
Gemfields owns the Kagem mine, believed to be the largest emerald mine in the world, in a 75/25 partnership with the Zambian government’s Industrial Development Corporation.
In late December, the mining company announced it was suspending mining at Kagem for up to six months in an effort to cut costs but would continue to process ore from the mine’s “significant” ore stockpile.
The company has said that despite the suspension, all affected employees will be paid their monthly basic salaries pursuant to Zambian law.
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