Zambia Suspends 15% Export Tax on Precious Stones to Boost Competitiveness
Zambia has suspended its 15% export tax on precious stones and metals in an effort to enhance global competitiveness and attract investment, the Ministry of Finance announced last week.
The southern African nation, the world’s second-largest emerald producer after Colombia, had reintroduced the tax in January 2025 after initially suspending it in 2019.
“With this suspension, Zambian precious stones and metals will now be priced more competitively on the global market, attracting greater interest from international buyers and leading to higher sales volumes,” the ministry stated.
In January, Gemfields, the operator of the Kagem emerald mine—one of the world’s largest—warned that the export tax would negatively impact Zambia’s gemstone sector and urged the government to reconsider.
Following the government’s decision to lift the tax, Gemfields CEO Sean Gilbertson welcomed the move, stating that this “decisive action” would put the industry “back on track.”
Kagem, which supplies approximately 25% of the world’s rough emeralds, produced 10 million carats of emeralds and 30 million carats of beryl in 2024.
The suspension of the tax is expected to strengthen Zambia’s position in the global gemstone market and encourage further investment in the sector.
