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Zambia Lifts 15% Export Duty on Precious Gemstones

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Gemfields Group Limited has expressed strong support for the Zambian government’s decision to suspend the 15% export duty on precious gemstones and metals, a move expected to significantly boost the country’s emerald industry. The suspension, announced by Zambia’s Minister of Finance, Dr. Situmbeko Musokotwane, is effective immediately, meaning the duty will no longer apply to emeralds mined by Kagem Mining Limited. The company is majority-owned by Gemfields (75%) with the remaining 25% held by Zambia’s Industrial Development Corporation.

Gemfields CEO, Sean Gilbertson, lauded the government’s swift action, stating, “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 experienced exceptional growth over the past 16 years and is now the world’s largest emerald exporter. This decision signals a clear commitment to fostering growth and job creation in Zambia, putting our industry back on track for continued success.”

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International News

Precious Metals See Profit-Taking On Firmer Dollar, Cooling Crude Prices

Geopolitical Optimism Triggers Risk Premium De-escalation

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Precious metals are witnessing a bout of profit-taking this Thursday, with Comex gold slipping 1% to $4,507 and silver tracking lower by 1.58% to $71.49. The intraday cooling comes as investors weigh a firmer dollar against a backdrop of shifting geopolitical narratives and cooling crude prices.

The primary driver for the morning’s retreat appears to be a cautious de-escalation in risk premiums. Reports that Tehran is reviewing a U.S. proposal to end the ongoing conflict have injected a dose of optimism into the markets, softening the immediate “flight to safety” that has bolstered bullion recently. Gold briefly touched levels near $4,498 earlier in the session before finding minor support.

Analysts attribute silver’s underlying strength to a combination of industrial demand and its role as a macroeconomic hedge. Market experts suggest that the current volatility is likely intermittent. The overarching trend remains anchored by a weakening dollar and expectations that central banks may ease off aggressive interest rate hikes.

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