Mines Minister pledges support for gemstone sector

Zambia, February 18th, 2019

The government is committed to ensuring a stable, reliable, simple and predictable fiscal regime to support the mining industry, Minister of Mines Hon, Richard Musukwa told international gemstone buyers today.

The minister was speaking in Lusaka as he officially opened the 31st Gemfields auction of emeralds from the Kagem Mine in Lufwanyama, which attracted more than 30 buyers from across the world.

Mr Musukwa toured the auction and thanked the buyers who had travelled to be part of the auction and assured them of the Zambian government’s continued support for the mining sector.

“Our government remains committed to ensure we run and operate the mining sector with a stable, reliable, simple and predictable fiscal regime to support the industry. Government remains committed to engage the industry and hold discussions, and see the peculiarities that arose so that we can always meet and resolve. The Zambian government, together with Kagem, which is our flagship in terms of the emerald industry in Zambia remains committed to giving you high quality products, ad in so doing we would like to ensure there is transparency in the industry,” he said.

Gemfields is celebrating ten years of holding auctions of Zambian emeralds. At the current auction 23 lots of over 800 kg of commercial quality emeralds are on offer.

Results from the auction will be announced on February 20th. The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction, which was attended by officials from the Zambia Revenue Authority and Ministry of Mines.

Hits: 27