{"id":1156576,"date":"2019-12-19T11:49:56","date_gmt":"2019-12-19T17:49:56","guid":{"rendered":"https:\/\/www.mining.com\/?p=1009690"},"modified":"2019-12-19T11:49:56","modified_gmt":"2019-12-19T17:49:56","slug":"zambia-drops-15-export-tax-on-gemstones","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1156576","title":{"rendered":"Zambia drops 15% export tax on gemstones"},"content":{"rendered":"<p>Zambia will suspend a 15% export tax on gemstones, excluding diamonds, from Jan. 1 next year as the levy, aimed at raising more revenues ended up affecting the country&#8217;s output.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The news was welcomed by Gemfields (JSE: GML), which runs Kagem, the world\u2019s largest emerald mine in the Copperbelt province of Zambia. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Mining accounts for more than 70% of Zambia\u2019s foreign exchange earnings.\u00a0<\/p>\n<\/blockquote>\n<\/figure>\n<p>The company has had to pay 21% in taxes for its shipments from the African country this year, as its gemstones were also subject to a long-standing 6% mineral royalty. That compares with only 2.5% and 2% producers pay in large-emerald exporting countries Colombia and Brazil, respectively, <a href=\"https:\/\/www.gemfieldsgroup.com\/suspension-of-zambian-export-duty\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Gemfields said<\/a>.<\/p>\n<p>The duty hit small-scale gemstones miners the hardest, as they<br \/>\nwere unable to attract significant investment this year.<\/p>\n<p>Mining accounts for more than 70% of the southern African<br \/>\nnation\u2019s foreign exchange earnings.&nbsp;<\/p>\n<p>Gemfields is the operator and 75% owner of the Kagem and<br \/>\nMontepuez ruby mine, which is located in Mozambique.<\/p>\n<p>It also holds controlling interests in various other<br \/>\ngemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and<br \/>\nMadagascar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The levy on gemstones, excluding diamonds, was meant to increase the country&#8217;s revenues, but ended up hitting output.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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