{"id":8516,"date":"2025-02-19T06:37:10","date_gmt":"2025-02-19T06:37:10","guid":{"rendered":"https:\/\/diamondtvzambia.com\/?p=8516"},"modified":"2025-02-19T06:37:10","modified_gmt":"2025-02-19T06:37:10","slug":"government-suspends-export-duty-on-precious-stones-and-metals","status":"publish","type":"post","link":"https:\/\/diamondtvzambia.com\/staging\/7839\/government-suspends-export-duty-on-precious-stones-and-metals\/","title":{"rendered":"GOVERNMENT SUSPENDS EXPORT DUTY ON PRECIOUS STONES AND METALS"},"content":{"rendered":"\n

The Zambian government has officially suspended the 15 percent export duty on precious stones and metals through Statutory Instrument (SI) No. 4 of 2025<\/strong>. The measure is part of the government\u2019s broader strategy to enhance Zambia\u2019s competitiveness in the global mineral market and attract more investment into the country\u2019s mining sector.<\/p>\n\n\n\n

In a statement issued on Tuesday, Secretary to the Cabinet Felix Nkulukusa<\/strong> explained that the removal of the export duty is aimed at helping local producers compete more effectively in international auctions. He noted that Zambia has long been recognized for its rich mineral resources, including emeralds, amethysts, and gold, but high export levies have often made it difficult for local players to secure competitive pricing on the global market.<\/p>\n\n\n\n

\u201cWith the suspension of the 15 percent export duty, Zambian precious stones and metals will now be more competitively priced, which will, in turn, increase demand in international markets. This move is expected to attract more foreign buyers, boost investment in the mining sector, and improve foreign exchange earnings for the country,\u201d Nkulukusa stated<\/strong>.<\/p>\n\n\n\n

Expected Economic Benefits<\/h4>\n\n\n\n

The decision to suspend the export duty is anticipated to have a positive impact on several key areas<\/strong> of Zambia\u2019s economy:<\/p>\n\n\n\n

    \n
  1. Increased Mining Investments<\/strong> \u2013 By eliminating the export duty, Zambia is creating a more attractive environment for both local and foreign investors in the gemstone and mining industry. This could lead to increased exploration and mining activities, generating more jobs and economic opportunities.<\/li>\n\n\n\n
  2. Higher Foreign Exchange Earnings<\/strong> \u2013 Precious stones and metals are among Zambia\u2019s key exports. By making them more competitive in global markets, the country is likely to see an increase in export volumes, leading to higher foreign currency inflows<\/strong>. This, in turn, could help stabilize the local currency and strengthen Zambia\u2019s overall economic position.<\/li>\n\n\n\n
  3. Strengthened Position as a Leading Exporter<\/strong> \u2013 Zambia is already one of the world\u2019s major producers of emeralds and other gemstones. By removing export duties, the government aims to solidify its position as a leading supplier in international markets, making it easier for miners and traders to expand their global reach.<\/li>\n<\/ol>\n\n\n\n

    Industry Reactions<\/h4>\n\n\n\n

    The decision has been welcomed by industry players<\/strong>, who argue that export duties have long been a major obstacle to the growth of the sector. Several mining and gemstone industry stakeholders have praised the move, calling it a step in the right direction to unlock Zambia\u2019s full potential in the mineral export business.<\/p>\n\n\n\n

    A representative from a leading gemstone mining company<\/strong> said that the suspension of the export duty will significantly lower operational costs, allowing them to reinvest in production and exploration efforts. \u201cThis is a game-changer for the sector. It will allow us to attract more buyers and compete favorably with other gemstone-producing countries like Colombia and Brazil,\u201d the representative said.<\/p>\n\n\n\n

    Government\u2019s Long-Term Strategy<\/h4>\n\n\n\n

    The suspension of the export duty aligns with the Zambian government\u2019s long-term economic strategy<\/strong>, which focuses on increasing investment, promoting value addition, and enhancing the country\u2019s competitiveness in international markets.<\/p>\n\n\n\n

    The government has also hinted at additional policy reforms that could further incentivize local processing and value addition<\/strong> in the mining sector, ensuring that more of the wealth generated from minerals remains within the country.<\/p>\n\n\n\n

    As the global demand for precious stones and metals continues to grow, Zambia\u2019s decision to remove barriers to export trade<\/strong> is expected to yield significant benefits for both the private sector and the national economy. The coming months will reveal the full impact of this policy change, but early indications suggest that it could help transform Zambia\u2019s mining industry and position the country for sustained economic growth.
    By Rachel Mumba <\/p>\n","protected":false},"excerpt":{"rendered":"

    The Zambian government has officially suspended the 15 percent export duty on precious stones and metals through Statutory Instrument (SI) No. 4 of 2025. The measure is part of the government\u2019s broader strategy to enhance Zambia\u2019s competitiveness in the global mineral market and attract more investment into the country\u2019s mining sector. In a statement issued …<\/p>\n","protected":false},"author":2,"featured_media":8518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","content-type":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14],"tags":[],"class_list":["post-8516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"yoast_head":"\nGOVERNMENT SUSPENDS EXPORT DUTY ON PRECIOUS STONES AND METALS - Diamond Media<\/title>\n<meta name=\"description\" content=\"Zambia suspends 15% export duty on precious stones & metals to boost global competitiveness, attract investment, & increase forex earnings.\" 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