Zambia has removed a 15% export tax on precious stones and metals to improve global trade and attract foreign investors. The Ministry of Finance announced this decision on Wednesday. Officials expect this move to revive the mining sector and make Zambian gemstones more competitive.
As the world’s second-largest emerald producer after Colombia, Zambia first suspended the export tax in 2019. However, it was reinstated in January 2025 to increase government revenue. Industry leaders warned that the tax discouraged trade and hurt Zambia’s global standing.
“The tax removal will make Zambian gemstones more affordable, attracting global buyers and boosting sales,” the finance ministry stated.
The decision follows appeals from key industry players, including Gemfields (GEMGE.L), which operates Kagem, one of the world’s largest emerald mines. In January, the company warned that the levy would damage the gemstone sector and urged authorities to reconsider.
On Wednesday, Gemfields CEO Sean Gilbertson welcomed the tax removal, calling it a “decisive move” that restores investor confidence and strengthens the industry.
Kagem supplies about 25% of the world’s rough emeralds and produced 10 million carats of emeralds and 30 million carats of beryl in 2024. With the tax now lifted, experts predict higher production, increased exports, and greater investment, reinforcing Zambia’s role in the global gemstone trade.