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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
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Feb 24 2020 4:50PM
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Reference: 24776  

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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.

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