The Zambian government announced Tuesday the suspension of export duty on gemstones and emeralds after market players complained about its reintroduction.
Secretary to the Treasury Felix Nkulukusa said that the finance minister had signed a statutory instrument on the suspension of the 15-percent duty to allow local producers to compete more effectively during auctions and sales on the global market.
“In view of the foregoing measure, Zambian precious stones and metals will now be priced more competitively on the global market, thereby attracting more interest from international buyers and leading to higher sales volumes and increased economic activity in the sector,” he said in a statement.
He added that the measure will encourage more investment in the exploration and extraction of precious stones and metals, boost overall mineral production, and increase the country’s foreign exchange earnings through diversified exports.
The government will strictly monitor the measure’s impact to ensure anticipated benefits, the official said.
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Main emerald producer hails decision
Zambia’s main emerald producer on Wednesday commended the government for its decision to suspend a 15-percent export duty on precious gemstones and metals.
Gemfields, the majority shareholder of Kagem Minerals Limited, the country’s main emerald producer, praised the government for its prompt and impressive response to the 15-percent export duty.
“The Zambian emerald sector has delivered phenomenal growth over the last 16 years and is today, by significant margin, the world’s largest emerald exporter,” Sean Gilbertson, chief executive officer of Gemfields, said in a statement.
He said the government’s collaborative approach and decisive action clearly demonstrate its intention to create growth and jobs for Zambia, adding that the move puts the industry back on track to continue its growth trajectory.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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