In an effort to promote the local diamond 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.
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, 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”.
