On February 18, 2025, Zambia’s Minister of Finance and National Planning, Dr. Situmbeko Musokotwane, issued Statutory Instrument No. 4 of 2025, suspending the 15% export duty on precious stones and metals. The policy, retroactively effective from January 1, 2025, aims to make Zambian gemstones more competitive in global auctions and sales, giving local producers an edge in securing better prices.
Boosting Zambia’s Presence in International Auctions
Zambia has long been a key supplier of emeralds, amethysts, aquamarines, and tourmalines, with major buyers sourcing from its mines for global jewellery markets. The removal of export duty allows producers to participate more effectively in international auctions, particularly in Dubai, Geneva, and Mumbai, where pricing dynamics play a crucial role in profitability.
With competitors like Botswana (diamonds) and Colombia (emeralds) benefiting from streamlined trade policies, this move positions Zambia as a more attractive source for high-value gemstones. It also makes it easier for international buyers to transact with Zambian suppliers without additional tax burdens, enhancing liquidity and demand.
Scope of the Suspension
Beyond emeralds, the suspension covers a wide range of precious stones and metals, including:
• Natural and Cultured Pearls
• Diamonds (worked or unworked, unset)
• Semi-Precious Stones (tourmalines, amethysts, aquamarines, etc.)
• Synthetic and Reconstructed Gemstones
• Dust and Powder of Natural or Synthetic Precious Stones
• Silver (unwrought, semi-manufactured, or plated)
• Gold (unwrought, semi-manufactured, or plated with platinum)
• Platinum (unwrought or semi-manufactured)
• Base Metals Clad with Silver, Gold, or Platinum
• Waste and Scrap of Precious Metals
Industry Impact & Market Reactions
Stakeholders in Zambia’s gemstone sector have welcomed the move, seeing it as a major step toward increasing exports and improving Zambia’s standing in high-value markets. Removing the export duty eliminates a key barrier to global competitiveness, making Zambian gems more attractive to large-scale buyers.
For auction houses and jewellery brands that rely on Zambian stones, this reform enhances supply chain efficiency and price stability. Industry experts anticipate that higher volumes of gemstones will enter global sales channels, boosting Zambia’s foreign exchange earnings and long-term industry growth.
The government’s decision reflects a broader strategy to enhance Zambia’s mining and gemstone trade by fostering a favorable business climate for exporters. By eliminating cost barriers, this reform is expected to attract more international buyers, encourage local investment, and increase Zambia’s visibility in premium auctions worldwide.
