International News
Zambia Lifts 15% Export Duty on Precious Gemstones
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.”
International News
Precious Metals Gain As Crude Prices Weaken
Slumping Crude Prices and A Weaker Greenback Offer Support To Gold and Silver, Even As Federal Reserve Interest-Rate Uncertainty Looms
Gold and silver prices edged higher on Monday morning, finding support in a softening U.S. dollar and a sharp retreat in global energy prices after President Donald Trump announced that Washington would enter diplomatic talks with Tehran.
The prospect of a diplomatic breakthrough in the Middle East provided immediate relief to global markets, driving crude oil benchmarks down more than 5% to trade near $83 per barrel. The decline in energy costs helped alleviate broader fears of persistent, energy-driven inflation, while the U.S. Dollar Index slipped 0.50% to 99.42—falling below the key 100 mark and making dollar-denominated bullion more attractive to international buyers.
On India’s Multi Commodity Exchange (MCX), gold futures for October delivery traded up 0.13% at Rs 1,43,557 per 10 grams during early deals. Silver futures for September delivery rose 0.40% to Rs 2,18,061 per kilogram.
The market shift follows statements from President Trump over the weekend indicating that discussions with Iranian officials would take place on Monday. While Mr. Trump set no firm deadline for an agreement, the move raised hopes for a resolution regarding the impasse over Iran’s nuclear ambitions and a potential agreement to guarantee safe passage through the vital Strait of Hormuz.
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