Zambia has put on the back burner a 15% export tax on precious stones and metals in a bid to boost competitiveness on the global market and draw investment, according to media reports citing the finance ministry.
The country had reintroduced the tax last month after it was suspended in 2019.
"Zambian precious stones and metals will now be priced more competitively on the global market, thereby attracting greater interest from international buyers and leading to higher sales volumes," the ministry was quoted as saying by Reuters.
Gemfields chief executive Sean Gilbertson said Lusaka's "decisive action" on the export tax would set the industry "back on track".
The company, which operates the Kagem emerald mine, had warned in January that the export tax would upset Zambia's gemstone sector and asked the government to scrap it.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
