The Zambian government introduced an immediate policy change by ending the 15% export duty for precious gemstones and metals which will revive the national emerald business.
Dr. Situmbeko Musokotwane through his position as Minister of Finance in Zambia approved this decision which now boosts global market competitiveness of Zambian emeralds and drives sector economic expansion.
Previously all precious gemstone exports faced the export duty as a major issue between the industry stakeholders. The removal of this tax benefit Kagem Mining Limited and its owners Gemfields Group Limited and Zambian Industrial Development Corporation because they no longer need to pay the export duty.
The modification will lead to decreased expenses and motivate higher Zambian emerald production levels together with increased export volumes.
Gemfields CEO Sean Gilbertson praised the government when he thanked President Hakainde Hichilema for his swift and impactful response to the 15% export duty on precious gemstones. The emerald sector of Zambia has demonstrated remarkable growth throughout 16 years which established Zambia as the world leader in emerald exports.
The government’s approach and quick action demonstrate their commitment to create both economic growth and employment opportunities in Zambia which will support the continuous growth of the industry according to Gilbertson.
The economic benefits from the export duty suspension period will impact Zambia’s economy positively. The policy adjustment seeks to boost Zambian emerald competitiveness in global markets thus opening the door to foreign investments and improved export revenue while generating mining sector employment.
Mineral extraction companies that benefit from higher profitability will invest in more exploration and production activities to establish Zambia’s strong position in international gemstone markets.
The Zambian government demonstrates its commitment to developing business-friendly conditions through this present policy change. The government shows its commitment to major industries and sustainable development by eliminating export duty restrictions.
The decision has stakeholders in Zambia’s gemstone industry together with external parties watching its results because they believe this change will create an era of successful growth for the precious gemstone sector.