Incorporated in Guernsey. Guernsey registration number:
47656
South
African external company registration number:
2009/012636/10
Share
code on JSE:GML / AIM:GEM
ISIN: GG00BG0KTL52
| LEI: 21380017GAVXTCYS5R31
("Gemfields" or the "Group" or the "Company")
Zambia Update: 15% Export Duty
Suspended
LONDON, 19 FEBRUARY 2025
Further to the announcement made by
the Company on 8 January 2025, Gemfields is pleased to announce
that the Honourable Minister of Finance of Zambia, Dr Situmbeko
Musokotwane, has suspended the 15% export duty on precious
gemstones and metals by issuing Statutory Instrument No. 4 of 2025
on 18 February 2025 (the Customs and Excise (Precious Stones and
Metals) (Export Duty) (Suspension) Order). This suspension is
effective immediately.
As a result, the 15% export duty on
precious gemstones will no longer apply to the Zambian emeralds
mined by Kagem Mining Limited ("Kagem") which is 75% owned by
Gemfields and 25% owned by the Zambian Government's Industrial
Development Corporation.
Sean Gilbertson, CEO of Gemfields,
said:
"We express our sincere thanks to President
Hakainde Hichilema's government for their prompt and impressive
action in addressing the 15% export duty on precious gemstones. The
Zambian emerald sector has delivered phenomenal growth over the
last 16 years and is today - by a significant margin -the world's
largest emerald exporter. The government's collaborative approach
and decisive action are clear demonstrations of its intent to
deliver growth and jobs for Zambia and this step puts our industry
back on track to continue that trajectory."
-ENDS-
Further
information on Gemfields Group Limited can be found at:
GEMFIELDSGROUP.COM
To join
our investor mailing list, please contact us on:
ir@gemfields.com
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) no. 596/2014 which forms part of domestic UK law
pursuant to the European Union (withdrawal) act 2018
("MAR").
ENQUIRIES
|
GEMFIELDS
|
Sean Gilbertson / David Lovett / Ian
Hughes
ir@gemfields.com
T: +44(0) 20 7518 3400
|
|
SPONSOR (JSE)
|
Investec Bank Limited
|
|
NOMINATED ADVISER
(AIM) & BROKER
|
Panmure Liberum
Scott Mathieson / Amrit Mahbubani / John More
T: +44(0) 20 3100
2222
|
|
PRESS ENQUIRES, GEMFIELDS HEAD
OFFICE, LONDON
|
Helena Choudhury / Albertina
Namburete
helena.choudhury@gemfields.com /
albertina.namburete@gemfields.com
|
|
ADDITIONAL INFORMATION ON
GEMFIELDS
|
|
Gemfields is a world-leading
responsible miner and marketer of coloured gemstones. Gemfields is
the operator and 75% owner of both the Kagem emerald mine in Zambia
(believed to be the world's single largest producing emerald mine)
and the Montepuez ruby mine in Mozambique (one of the most
significant recently discovered ruby deposits in the world). In
addition, Gemfields also holds controlling interests in various
other gemstone mining and prospecting licences in Zambia,
Mozambique, Ethiopia and Madagascar.
Gemfields' outright ownership of
Fabergé - an iconic and prestigious brand of exceptional heritage -
enables Gemfields to optimise positioning, perception and consumer
awareness of coloured gemstones through Fabergé designs, advancing
the wider group's "mine and market" vision.
Gemfields has developed a
proprietary grading system and a pioneering auction platform to
provide a consistent supply of coloured gemstones to downstream
markets, a key component of Gemfields' business model that has
played an important role in the growth of the global coloured
gemstone sector.
|
GEMFIELDS
GEMFIELDS.COM
|
INVESTORS |FOUNDATION
INSTAGRAM
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FABERGÉ
FABERGÉ.COM
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YOUTUBE
KAGEM
MINING LINKEDIN
MONTEPUEZ
RUBY MINING LINKEDIN
