Gemfields Hit by Shock 15% Export Tax on Emeralds

Gemfields is reeling from the shock imposition of a 15 per cent export duty on the emeralds it mines in Zambia.

The duty on precious gemstones was originally introduced at the start of 2019, but was suspended a year later after protests. It was re-introduced, without warning, on 1 January 2025.

The re-introduction is a further blow for Gemfields, which announced last month that it would have to halt operations at the Kagem mine for up to six months as part of a package of cost-cutting measures.

In a statement the UK-based miner said there had been no notice or prior consultation about re-introducing the duty, and said it was calling on the Zambian government to reverse its position.

“This 15 per cent export duty now applies on top of the existing 6 per cent mineral royalty tax and meaning that Kagem faces an effective tax on revenues of 21 per cent (in addition to corporation tax of 30 per cent),” it said.

Brazil and Colombia, also major emerald producers, impose lesser tax burdens, it noted.

“Brazil’s aggregate tax on revenues is 2 per cent (in the form of mineral royalty) and Colombia’s aggregate tax on revenues is 2.5 per cent (being a 1.5 per cent mineral royalty and a 1 per cent national emerald fund contribution) in addition to corporation taxes of 34 per cent and 33 per cent respectively.”

Source: DCLA

Gemfields hit by Slump in Emerald Sales

Gemfields suffered a slump in sales and prices at its latest auction of rough emeralds from its Kagem mine, in Zambia.

The UK-based company blamed conflicts, elections, and economic uncertainty in China, compounded by a diary clash with an emerald competitor, reportedly selling at low prices.

Gemfields sold only 61 per cent of the almost 4m carats on offer in a series of auctions ending 13 September in Jaipur, India, and online. At the last four sales it sold well over 90 per cent.

Total sales were $10.8m, down 67 per cent on its September 2023 sales. The average price per carat was $4.47, down by a half on the same event last year.

Gemfields says the mix and quality of lots varies, so the results of each auction are not always directly comparable.

Today’s overall result is weaker than expected,” said Adrian Banks, Gemfields’ managing director of product and sales, “exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers reported as low prices.”

He said the company was committed to acting responsibly – as it did at this auction – by withholding auction lots when fair market prices were not achieved.

Source: DCLA

Nita Ambani is literally studded in diamonds for Anant Ambani and Radhika Merchant’s reception.

Nita Ambani was a vision of opulence, literally studded in diamonds! Yes, you read that right. The grooms mother is renowned for her extravagant taste in jewels, showcasing an array of rubies, emeralds, and sapphires. But her love for these gems doesn’t stop at just necklaces; she seamlessly integrates them into her hair and clothing as well. On Sunday, the Ambani family hosted a grand reception to continue the celebrations of Anant Ambani and Radhika Merchant’s wedding, which kicked off with a spectacular ceremony on Friday, July 12. The Mumbai event was a glittering affair, with family members like Mukesh, Nita, Akash, and Isha Ambani in attendance, alongside a host of Bollywood and international celebrities.

Nita Ambani never fails to make a fashion statement, and her latest appearance at the reception was nothing short of spectacular. With her saree adorned in exquisite jewels and draped with unparalleled elegance, she once again proved her status as a fashion icon.

Read more: Hindustantimes