Gemfields falls as Zambia reintroduces export duty on emeralds

Gemfields

08/01/2025 09:09

** London-listed shares of coloured gemstones producer
Gemfields Group  GEMGE.L  fall as much as 5.3% to 6.63p
    ** Co says Zambia's re-introduction of a 15% export duty on
emeralds from Jan. 1 will impact emeralds mined by Kagem Mining,
which is 75% owned by Gemfields
    ** Notes that there was no notice or prior consultation by
Zambia, the world's largest emerald producer after Colombia,
regarding the re-introduction of the duty
    * Co says it will engage with the Zambian government to
reinstate the suspension on the duty or to remove it from
legislation, citing the impact on sector's sustainability and
investment attractiveness
    ** Gemfields' stock fell ~47% in 2024

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))