Zambia Suspends Export Tax: A Boost for Gemstone Market Competitiveness

Zambia has lifted a 15% export tax on precious stones and metals to boost global competitiveness and attract investments. This decision, praised by Gemfields, aims to increase the appeal of Zambian gemstones to international buyers, potentially enhancing the country's sales volumes and market presence.

Zambia has lifted a 15% export tax on precious stones and metals in an effort to enhance the nation's competitive edge in the global market. This strategic move aims to draw more foreign investments into the sector, the finance ministry announced on Wednesday.

The southern African nation is renowned for being the second largest emerald producer after Colombia. The contentious export tax was initially reintroduced in January 2025, following a previous suspension in 2019. The finance ministry conveyed in a statement that this tax suspension ensures Zambian stones and metals can be priced more attractively, capturing greater international interest and increasing sales volumes.

Gemfields, a prominent player in the gemstone industry and operator of the Kagem emerald mine, was vocal against the tax, arguing it might harm the sector's prospects. On Monday, Gemfields' CEO Sean Gilbertson expressed optimism, stating the government's swift decision would realign the industry’s global trajectory. Kagem Mine, representing approximately 25% of the global rough emerald supply, reported producing 10 million carats of emeralds and 30 million carats of beryl in 2024.