SUSPENSION OF EXPORT DUTY ON PRECIOUS STONES AND METALS

(The Customs and Excise (Precious Stones and Metals (Export Duty) Suspension) Order, 2025

Here are the highlights;✅The Minister of Finance and National Planning Dr Situmbeko Musokotwane, MP, yesterday issued a Statutory Instrument No. 4 of 2025, to suspend export duty on precious stones and metals from 15 percent to free.

✅This is to allow local producers to compete more effectively during auctions and sales on the global market.

✅In view of the foregoing measure, 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 and increased economic activity in the sector.

✅The measure will also encourage increased investment in the exploration and extraction of precious stones and metals – moving beyond the reliance on traditional mineral exports for foreign exchange earnings.

✅The initiative will boost overall mineral production and ultimately increase the country’s foreign exchange earnings through diversified exports.

✅Further, the suspension is expected to have a positive ripple effect throughout the economy, attracting both local and international investors to Zambia’s mining industry.

✅Government will strictly monitor the impact of the measure through existing monitoring tools to ensure that the anticipated benefits accrue to the country.

✅Ministry of Finance and National Planning remain committed to the implementation of policies that support sustainable growth, diversification within the mining sector, and the well-being of local business establishments in the broader Zambian economy.