Gemfields Welcomes Zambia's Suspension of 15% Export Duty
Why we think this is good
The RNS announces a positive development for Gemfields, with the Zambian government suspending the 15% export duty on precious gemstones. This removes a significant cost burden for the company's Kagem emerald mining operations in Zambia, which is a key part of Gemfields' business. The swift action by the Zambian government demonstrates their support for the gemstone industry and Gemfields' operations in the country.
Key Points
- Zambian government suspends 15% export duty on precious gemstones and metals
- Suspension is effective immediately and benefits Gemfields' Kagem emerald mining operations in Zambia
- Zambian government's collaborative approach and decisive action demonstrate support for the gemstone industry
Summary
Gemfields Group Limited, a world-leading miner and marketer of coloured gemstones, has announced that the Zambian government has suspended the 15% export duty on precious gemstones and metals. This suspension is effective immediately and will positively impact Gemfields' Kagem emerald mining operations in Zambia, which is 75% owned by the company.