Government Suspends Precious Stone Export Tax to Boost Competitiveness

The government has suspended a 15% export tax on precious stones and metals in a bid to enhance competitiveness on the global market and draw investment, according to a statement issued by the Finance Ministry on Tuesday, 18 February.

"Zambian precious stones and metals will now be priced more competitively on the global market, thereby attracting greater interest from international buyers and leading to higher sales volumes,” said Secretary to the Treasury Felix Nkulukusa.

The president and founder of the Association of Zambian Women in Mining, Ms Namakau Amina Kaingu, welcomed the decision and applauded the government “for working in partnership with citizens, civil society and investors to build a word class mining sector.”

The suspension is expected to have a positive effect throughout the economy, attracting both local and international investors to Zambia’s mining industry and increasing investment in the exploration and extraction of precious stones and metals.

The initiative will boost overall mineral production and ultimately increase Zambia’s foreign exchange earnings by diversifying exports.

On Wednesday, 19 February, Gemfields CEO Sean Gilbertson praised the Zambian government's "decisive action" on the export tax.

Gemfield-owned Kagem mine accounts for about 25% of the supply of global rough emeralds and produced about 10 million carats of emeralds in 2024.