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Gemfields Group Limited announced that the Honourable Minister of Finance of Zambia, Dr Situmbeko Musokotwane, suspended the 15% export duty on precious gemstones and metals. This action was formalized through Statutory Instrument No. 4 of 2025 on 18 February 2025, effective immediately. Consequently, the 15% export duty no longer applies to Zambian emeralds mined by Kagem Mining Limited, which is 75% owned by Gemfields and 25% by the Zambian Government's Industrial Development Corporation.
| Date | 19 Feb 2025 |
| Time | 07:00:07 |
| Category | Corporate updates |
| ID | 6688X |
Incorporated in Guernsey. Guernsey registration number: 47656
South African external company registration number: 2009/012636/10
Share code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52 | LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")
Zambia Update: 15% Export Duty Suspended
LONDON, 19 FEBRUARY 2025
Further to the announcement made by the Company on 8 January 2025, Gemfields is pleased to announce that the Honourable Minister of Finance of Zambia, Dr Situmbeko Musokotwane, has suspended the 15% export duty on precious gemstones and metals by issuing Statutory Instrument No. 4 of 2025 on 18 February 2025 (the Customs and Excise (Precious Stones and Metals) (Export Duty) (Suspension) Order). This suspension is effective immediately.
As a result, the 15% export duty on precious gemstones will no longer apply to the Zambian emeralds mined by Kagem Mining Limited ("Kagem") which is 75% owned by Gemfields and 25% owned by the Zambian Government's Industrial Development Corporation.
Sean Gilbertson, CEO of Gemfields, said:
"We express our sincere thanks to President Hakainde Hichilema's government for their prompt and impressive action in addressing the 15% export duty on precious gemstones. The Zambian emerald sector has delivered phenomenal growth over the last 16 years and is today - by a significant margin -the world's largest emerald exporter. The government's collaborative approach and decisive action are clear demonstrations of its intent to deliver growth and jobs for Zambia and this step puts our industry back on track to continue that trajectory."
-ENDS-
Further information on Gemfields Group Limited can be found at:
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This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) no. 596/2014 which forms part of domestic UK law pursuant to the European Union (withdrawal) act 2018 ("MAR").
ENQUIRIES
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GEMFIELDS |
Sean Gilbertson / David Lovett / Ian Hughes [email protected] |
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SPONSOR (JSE) |
Investec Bank Limited |
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NOMINATED ADVISER |
Panmure Liberum |
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PRESS ENQUIRES, GEMFIELDS HEAD OFFICE, LONDON |
Helena Choudhury / Albertina Namburete |
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ADDITIONAL INFORMATION ON GEMFIELDS
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Gemfields is a world-leading responsible miner and marketer of coloured gemstones. Gemfields is the operator and 75% owner of both the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world). In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of Fabergé - an iconic and prestigious brand of exceptional heritage - enables Gemfields to optimise positioning, perception and consumer awareness of coloured gemstones through Fabergé designs, advancing the wider group's "mine and market" vision.
Gemfields has developed a proprietary grading system and a pioneering auction platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields' business model that has played an important role in the growth of the global coloured gemstone sector.
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GEMFIELDS
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KAGEM MINING LINKEDIN
MONTEPUEZ RUBY MINING LINKEDIN