Zambia lifts gemstone export duty

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Zambia is suspending a 15 percent export duty on all precious and semi-precious stones except diamonds, according to a government document posted on a South African mining company’s website.

The new rule comes into effect from the beginning of 2020.

The duty, which came into effect at the start of this year, has damaged the profits of the mining companies and was one of several taxation measures that have been a source of conflict with the government, the Reuters news agency reports.

Mining companies have to pay a royalty tax and a turnover tax, report says.

On its website, South African miners Gemfields said that it was “pleased to announce” that the export duty had been suspended.

 

Dominica Nwabufo