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The Zambian government is reportedly reviewing its decision to impose a 15 percent export duty on precious gemstones, including emeralds, following backlash from stakeholders who raised concerns about its potential negative impact on the industry’s sustainability.
The export duty was reinstated through Statutory Instrument No. 88 of 2024, issued on December 30, 2024, reversing a suspension that had been in place since 2019.
Gemfields, the majority owner of Kagem Mining Limited, criticized the reintroduction of the export duty, effective January 1, 2025, citing the absence of prior consultation and warning of its potential to harm Zambia’s emerald sector and deter investors.
The company noted that the export duty, combined with the existing six percent mineral royalty tax and 30 percent corporate tax, increased Kagem’s effective tax on revenues to 21 percent.
Responding to the criticism, Jito Kayumba, Special Assistant to the President on Finance and Investments, indicated that the government was likely to suspend the 15 percent export duty.
“Zambia is likely to suspend a decision to reintroduce a 15 percent tax on exports of precious gemstones, including emeralds,” Kayumba stated during a panel discussion titled “Country Showcase – Zambia” at the Future Minerals Forum 2025 in Riyadh, Saudi Arabia.
He added that a decision on the matter could be announced this week or next.
The panel highlighted Zambia’s investment climate and opportunities in the mining sector.
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