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Thursday, February 27, 2020

Scrap 15% Gemstone Export Tax, Insists ESMAZ

Economy Scrap 15% Gemstone Export Tax, Insists ESMAZ

 

 

By Derrick Silimina and Memory Chipili

THE Emerald and Semi-Precious Stones Mining Association of Zambia (ESMAZ) has insisted that Government should be flexible in taxes being imposed on the gemstone sector, which he said was detrimental to the industry.

Speaking when he officially opened Ashco Diamond Limited Office and Gem Testing Lab on Tuesday in Lusaka, ESMAZ president Victor Kalesha said the 15 percent export tax on gemstones has the potential to kill the industry.

“The 15 percent export tax is not very good for the sector because it’s chocking the industry and the sector at large. We will be glad if it’s scrapped for the benefit of the sector,” Mr Kalesha stated.

He said it was time the sleeping giant in the gemstone mining was awakened so that it could start contributing to the national treasury.

Mr Kalesha noted that despite Zambia being endowed with cast natural resources in gemstones, the mineral reserve has not been fully explored.
He said it was encouraging that Zambia was still being identified as a destination for gemstones sourcing and trading.

Mr Kalesha has urged Ashco to become a model of transparency in gemstone trading and that all members should always declare with the Ministry of Mines and Minerals Development every gemstone they want to export.

“We are happy that you have come on board and, as a gemstone family, we will support you,” he added.

Mr Kalesha reiterated that Zambia has been producing gemstone for a long time but there is nothing to show that the gemstone sector contributes to the national treasury.
Ashco Diamonds Limited director-sales and operations Yogish Bantwal Shenoy said his company decided to establish its business in Zambia to enhance the expansion of precious and semi-precious industry and base metals.

“It is not that we are here to grab something from you but help contribute to the growth of the country. When we see that this country is growing because of us, it is not us but Zambians. We will give back what the country is expecting in form of taxes, revenues, establishments and even supporting entreprenuers,” Mr Shenoy said.
He noted that the company would seek to create jobs for the local people and impart entrepreneurial skills.

Mr Shenoy disclosed that Ashco Diamonds has invested US$10,000 in the testing lab of precious minerals.

Ashco Diamonds Limited under the management of Ashco Business Group has been in the gemstone industry for more than seven years.

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5 COMMENTS

  1. us $10,000 is equivalent to almost k150,000 zmk. is that investment or the writer missed the figure. And there is not enough capital items of production that this industry can advocate for government to scrap 15% export ,infact a 25% was going to see this industry contributing to the GDP of Zambia, otherwise 15%we will never see anything may be just on mouth.

    • MMD Mealie price K30 PF K200
      MMD Fuel K6 liter PF K15
      MMD Exchange rate K6 to a dollar PF K16
      MMD Reserves 4 months PF reserves 1 month
      MMD no load shedding PF load shedding
      MMD no excuse PF excuse climate change
      MMD freedom of assembly PF no such thing
      MMD few taxes PF More taxes
      MMD manageable violence PF serious violence with death in some cases

      Then why did we remove MMD? We need to apologise to them

    • Mbangweta – Very retrogressive thinking — move on. The fact that you are drawing comparisons without a deep analysis, disqualifies you from a rational judgement.

  2. How can they scrap off any tax when they have ransacked the country with policies which have put the country on its knees. They are broke to the bone. Just yesterday a former thief in Chiluba’s government was saying there is no country without debt ,as if that is the issue. That is not the issue bwana, appraise yourself properly. They have no clue on what the issues are. Some are even saying HH is bitter, which normal Zambian can not bitter with the jokes currently going on in our country. Worst government ever

  3. Sorry association these ticks seek to suck everything from whoever they find, how are you going to create employment and make a profit in the face of so many hardships

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