Zambia’s Gemstone Industry Set for Boost as Government Scraps 15% Export Duty Tax
The Emerald Production Watch of Zambia has lauded the government's recent decision to remove the 15% export duty tax on gemstones, a move expected to revitalize the country's gemstone industry.
In an exclusive interview with ZNBC News, Emerald Production Watch President Musa Kafimbwa praised the policy shift, describing it as a timely intervention for an industry still recovering from the economic shocks of the COVID-19 pandemic.
“This decision is a significant step towards supporting capital investment and growth in the gemstone sector,” Mr. Kafimbwa said. “The industry has faced numerous challenges in recent years, and this move will undoubtedly provide much-needed relief and encouragement to stakeholders.”
The gemstone industry, a key contributor to Zambia's economy, has been grappling with reduced production and export levels since the onset of the pandemic. The removal of the export duty tax is expected to attract more investors, enhance competitiveness in the global market, and ultimately increase revenue generation for the country.
Mr. Kafimbwa emphasized that the policy change will not only benefit large-scale miners but also small-scale miners and local traders who have struggled to stay afloat amid rising operational costs. “This is a win for the entire value chain, from miners to exporters, and it will help create more jobs and stimulate economic activity,” he added.
The government's decision comes as part of broader efforts to bolster the mining sector, which remains a cornerstone of Zambia's economy. Industry experts predict that the tax removal will position Zambia as a more attractive destination for gemstone investment, particularly in emerald mining, where the country is already a global leader.
As the gemstone industry begins to regain its footing, stakeholders are optimistic that this policy shift will pave the way for sustained growth and increased contributions to the national economy.
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