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ZAMBIA CUTS EXPORT DUTY ON GEMSTONES

The cut will be effective starting January 1, 2020
Gemfields Ruby Auction Singapore
Credit: Gemfields

In an effort to promote the local gemstone industry, the Government of Zambia has announced the suspension of its 15% export duty on coloured gemstones. According to Rough & Polished, the cut will be effective starting January 1, 2020.

 

Lion Emerald Gemfields
Credit: Gemfields

 

The order to suspend the tax came from Zambia’s Ministry of Finance, and it includes: “precious stones (other than diamonds) and semi-precious stones, whether or not worked or graded, but not strung, mounted or set; ungraded precious stones (other than diamonds) and semi-precious stones […]”.

 

Gemfields Ruby Auction Singapore
Credit: Gemfields

 

Gemfields, who owns 75% of Kagem Mining in Zambia, previously said that it was “overburdened by taxes”. Following the government announcement, Gemfields managing director of product and sales, Adrian Banks, said Kagem’s biggest impediment “remains the 15% Zambian export duty imposed on emeralds since 1 January 2019”.



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