Gemfields, a leading miner and marketer of coloured gemstones, announced on Tuesday that the Zambian government had suspended the 15% export duty on precious gemstones and metals.
The suspension, which is effective immediately, was announced by Zambian finance minister Situmbeko Musokotwane.
The suspended export duty directly affected Zambian emeralds mined by Kagem mine, a joint venture between Gemfields — which holds 75% — and the Zambian government’s Industrial Development Corporation. The mine is believed to be the world's single largest producing emerald mine.
The 15% export duty was initially introduced in early 2019 but was later suspended following efforts by the emerald sector to improve the industry’s investment appeal. The suspension remained in effect until January 1 2025, when it was unexpectedly reinstated without notice or prior consultation.
“We express our sincere thanks to the government of Zambia for their prompt and impressive action in addressing the 15% export duty on precious gemstones,” Gemfields CEO Sean Gilbertson said.
In response to the initial reintroduction of the export duty, Gemfields expressed concern that the duty would place Zambia’s tax regime for emerald exporters at a disadvantage compared to Brazil and Colombia — the other leading emerald-producing nations.
The Kagem mine accounts for about 25% of global emerald production. In 2024, the mine produced about 10-million carats of emeralds alongside 30-million carats of beryl — one of the most popular and expensive gemstones. Kagem had paused mining from the start of 2025 to use its upgraded wash plant to process stockpiles while the 15% export duty was in place.
The suspension of the export duty is a welcome development for Gemfields and the Zambian emerald sector. Gemfields also holds controlling interests in gemstone mining and prospecting licences in Mozambique, Ethiopia and Madagascar.
Gemfields shares were trading higher on the London Stock Exchange following the announcement, while they were weaker on the JSE.
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