According to MiningWeekly, citing Reuters, Zambia’s Ministry of Finance announced on Wednesday that the country has abolished the 15% export tariff on gems and metals in order to enhance its competitiveness in the international market and attract investment.

This Southern African country, the world’s second-largest producer of emeralds after Colombia, resumed imposing export taxes in January 2025 after a suspension that began in 2019.

“Zambian gemstones and metals are now more competitively priced on the global market, enabling them to attract greater interest from international buyers and increase sales volume,” the Zambian Ministry of Finance said in a statement.

In January, Gemfields warned that export taxes would harm Zambia’s gemstone industry and called on the government to abolish them. The company operates the Kagem emerald mine, one of the world’s largest emerald mines.

On Wednesday, Sean Gilbertson, CEO of Bao Tian Company, said that the Zambian government’s removal of the export tax would allow the industry to “get back on track.”

The Kagem emerald mine accounts for 25% of the global supply of raw emeralds. In 2024, the mine produced 10 million carats of emeralds and 30 million carats of beryl.