Zambia suspends 15% export duty on gemstones – minister
INTERNATIONAL – Zambia will suspend a 15% export duty on gemstones but not diamonds from Jan. 1 after the move that was intended to raise more revenues instead undermined production, the finance minister said on Thursday.
Bwalya Ng’andu told Reuters the suspension of the export duty, announced in the official gazette on Friday, was a concession to miners after the upfront tax had hurt output.
“The industry was bleeding and production was falling,” he said by telephone.
Source: iol.co.za