Zambia Lifts Export Tax to Boost Precious Stone Competitiveness

Zambia has lifted a 15% export tax on precious stones and metals, aiming to increase their global market competitiveness and entice investment. The tax, reintroduced in January 2025, was met with industry criticism. Its removal is expected to enhance international interest and boost sales volumes.

Zambia's government has announced the suspension of a 15% export tax on precious stones and metals, aiming to boost global competitiveness and invite more investments, according to the finance ministry. This reversal follows industry pressure and is anticipated to stir heightened international market interest.

The tax, initially reintroduced in January 2025 after a prior suspension in 2019, had been criticized for potentially hindering the gemstone sector. Zambia, second only to Colombia in emerald production, sees this move as a catalyst for increased international sales and investment.

Gemfields, which runs Zambia's Kagem emerald mine, had warned about the tax's detrimental effects and advocated for its removal. The mine, contributing 25% of the world's rough emerald supply, is significant in scaling Zambia's gemstone industry. Gemfields CEO Sean Gilbertson lauded the government's prompt resolution, forecasting industry recovery.