The Zambian government has deferred implementation of a 15 per cent tax on exports of precious gemstones, including Zambian emeralds. 

According to Gemfields, Zambia’s Minister of Finance Situmbeko Musokotwane issued a statutory instrument dated February 18, 2025 that effectively suspended the customs duty on precious gemstones and metals.

Sean Gilbertson, CEO of Gemfields, commented, “The Zambian emerald sector has delivered phenomenal growth over the last 16 years and is today – by a significant margin – the world’s largest emerald exporter. The government’s collaborative approach and decisive action are clear demonstrations of its intent to deliver growth and jobs for Zambia and this step puts our industry back on track to continue that trajectory.”

Gemfields earlier asked the Zambian government to withdraw the 15 per cent tax, which had been reinstated as stipulated in a new Zambian legislation on January 1, 2025. It was originally deferred in end-2019.

The export duty, if implemented, would have directly impacted Zambian emeralds mined by Kagem Mining Ltd, where Gemfields has a 75 per cent stake. The Zambian government’s Industrial Development Corp owns the remaining 25 per cent.

This duty would have been levied on top of an existing 6 per cent mineral royalty tax, which meant that Kagem could face an effective tax on revenues of 21 per cent, in addition to corporation tax of 30 per cent, according to Gemfields.