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January 11, 2025Gemfields hit by 15% export tax by Zambia
Zambia has imposed a shock 15% export duty on precious gemstones adding further pressure on Gemfields which operates the country’s Kagem emerald mine.
Sean Gilbertson, CEO of Gemfields said in an announcement to the JSE on Wednesday that there had been no prior consultation regarding the reintroduction of the duty.
Combined with an existing 6% mineral royalty tax, the export duty – effective from January 1 – takes the effective tax on Gemfields’ emerald revenues to 21%. This compares to an aggregate tax of 2% in Brazil and 2.5% in Colombia which are Zambia’s main competition in emerald exports globally. Gemfields also pays 30% in corporation tax.
