10 Jun 2023
DiamondWorld Directory
Home |
Zambia Cuts Export Duty on Gemstones by 15 per cent, paves way for all round prosperity
Zambia has rich mineral and gemstone reserves, which, if harnessed and developed properly, can go a long way in enhancing the economic wealth of the country
By: Diamond World News Service
Feb 24 2020 4:50PM
Reference: 24776  


The expected boom in the gemstone sector following the government’s move to suspend the 15 per cent export duty will promote Zambia as an attractive destination for foreign gemstone investors from all over the world. Small scale miners, who would have been wiped out had the export duty remained, now stand to flourish.

Kagem along with the Zambian government has been instrumental in bringing about successful negotiations between management and representatives of the National Union of Miners & Allied Workers (NUMAW) and the Mine Workers Union of Zambia (MUZ).

The suspension of export tax directly affects Kagem and results in freeing up cash for reinvestment that will boost production, bring about growth in the industry and continue to put Zambia's emerald sector at the top of the international market.

The tax cut paves the way for Kagem - of which Government is a shareholder - to expand its footprint in the emerald industry by bringing additional emerald mining licences under Kagem’s operation. This move will surely result in increasing the country’s gemstone production and generating additional dividends, royalties and corporate tax.

Kagem provides more than 1,150 direct jobs, so their salaries, and the recent increment, are a direct economic benefit to the nation, which is a significant cause for celebration.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
*  Name:
*  Mobile:
*  Email:
Subscribe for DiamondWorld weekly Newsletter
Search News by City
Recent Issue
News in Pictures
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 34429
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 11734
GJEPC Chairman Interview
Views: 30383
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 41520
Promo for IJ Awards 2012 at NDTV Profit
Views: 58848
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 72560
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 22949
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 52363
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 55077
DW News App
Member of:
Supporter of: