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
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
