Zambia suspends export rights on precious stones

Zambia suspends export rights on precious stones

ByThe Mwebantu Team

The Zambian government announced on Tuesday the suspension of export rights on precious stones and emeralds, following the complaints of market players concerning their reintroduction.

Félix Nkulukusa, secretary of the Treasury, said that the authorities have adopted a statutory instrument aimed at maintaining the export right of 15 %. This decision will allow local producers to strengthen their competitiveness during auction and the international market.

“Thanks to this measure, the stones and precious metals produced in Zambia will now be offered at more attractive prices on the world market, which increases the interest of international buyers. This should result in an increase in sales volumes and an accumulated dynamism of economic activities in the sector ”he said in a statement.

Furthermore, he stressed that this initiative should encourage investments in prospecting and exploitation of precious stones and metals, stimulating global mining production, and increasing foreign currency revenues thanks to diversified exports.

The Mwebantu Team
The Mwebantu Team

Led by Nia, the insightful editor-in-chief, Kwame, our technology expert, and Amara, the bold field reporter, the Mwebantu team weaves the vibrant narrative of Africa every day, forging a narrative bridge between the continent and the world. Their shared passion illuminates the mission of Mwebantu News, making African voices resonate on the global stage.