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.”
Related stories will be right here …
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.
More on Sourcing
The Latest
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
