Zambia has been grappling with high levels of debt and low growth. To ease the pressure on the economy, it has been trying to mop up more revenue from its mining sector. The Government announced a 15% export duty on gemstones in September 2018. Since the announcement, the mining industry has been up in arms against the move. The pressure from industry seems to have forced the Zambian government to roll back plans to replace its value-added tax with a non-refundable sales tax.
According to gemstone miner Gemfields Group Ltd, the Zambian government has suspended the 15% export duty on gemstones excluding diamonds, from Jan. 1, 2020. The announcement came in a stock market statement, without further elaboration. A copy of a statement to Zambia’s government gazette, dated Dec. 13, 2019, and signed by the minister of finance Bwalya Ng’andu conveying the suspension of the export duty is also posted on the company’s website.
