The Government of Zambia recently said that it was suspending the export duty on coloured gemstones effective Jan 1, 2020, says gjepc.org.
The Ministry of Finance is reported to have issued a “The Customs & Excise (Precious Stones) (Export Duty) (Suspension) Order, 2019”, which states that «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, temporarily strung for convenience of transport».
Previously it was reported that Gemfields’ 75%-owned Kagem Mining, which produces emeralds in Zambia, is overburdened by taxes.
Thus, 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.
Gemfields’ 33 auctions of emeralds and beryl mined at Kagem since July 2009 have generated $608 million in total revenues. Previously it was reported that Gemfields’ 75%-owned Kagem Mining, which produces emeralds in Zambia, is overburdened by taxes.
Thus, 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.
Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg
