Zambia’s Ambassador to Ethiopia Emmanuel Mwamba says Zambia is committed to ensuring that it becomes a ratified Member of the African Continental Free Trade Area in order to benefit from the large African market.

Mr. Mwamba said Zambia will ratify the CFTA Agreement in the legislative sitting of Parliament in August, as stakeholder consultations on the CFTA has come out positive from both Government and the private sector who will mainly drive the Agenda.

He said the geographical location of Zambia would easily make the country a hub for manufacturing and transportation of goods and services.

Mr. Mwamba said this when he paid a courtesy call on African Union Commissioner for Trade and Industry, Albert Muchanga at the AUC headquarters.

He congratulated the entire AU Commissioners but stated that Mr. Muchanga plays a key role to achieve the successful operationalisation of the AfCFTA in a record time of one year.

Mr. Mwamba said Government is proud of the achievements made by Mr. Muchanga that the instrument has seen 54 out of 55 countries sign the African Continental Free Trade Area.

He said the Government is proud that one of its nationals is at the helm of the AU tasked to drive the AfCFTA.

And Mr. Muchanga said his success should be dedicated to the Zambian Government who supported his candidature and election to the position of AU Commissioner for Trade and Industry in 2017.

He also recognised Zambia’s First Republican President Dr. Kenneth Kaunda for a good legacy he has left in Africa of championing.

Mr. Muchanga also said Dr. Kaunda’s policy of free education for all Zambians will forever remain a milestone in the lives of those who used the opportunity to obtain high qualifications.

He further urged Zambian private sector to make partnership and ensure they don’t lose out on benefits that will accrue to state parties of the AfCFTA.

This is according to a statement issued to First Secretary for Press and Tourism at the Zambian Embassy in Ethiopia Inutu Mwanza.

Vice President Inonge Wina says the construction of the Kazungula Bridge is on schedule and will be completed on time.

Mrs. Wina said government is committed to ensure that the project is completed and will ensure that it contributes its share of the funding.

She said the project being a joint venture, Zambia recently released some money which went towards the payment to the contractor.

And speaking in Parliament during the Vice President’s question time, Mrs. Wina expressed hope that by 2020 all provinces would have held their Investment expositions which have played a key role in attracting investments into the country.

Mrs. Wina said Zambia has in the last few years attracted investment into Luapula, Northern and Central Provinces following the successful hosting of investment expos.

She said Investment expos have exposed the investment potential that that lie in all the ten provinces of Zambia which if well cultivated can contribute to the wellbeing of the Zambian people.

The Zambia Revenue Authority has dispelled a news story claiming that the Authority has paid Konkola Copper Mines about 95 Million Kwacha in tax refunds to pay legal fees.

ZRA Commissioner General Kingsley Chanda said in a statement that the position of the Authority is that no such payment has been made to KCM.

“As indicated in our earlier statements on VAT refund to KCM, that the company owes ZRA more than what the Authority owes it. Thus all duly audited and verified VAT claims due for payment will be offsets against the company’s outstanding liabilities,” Mr Chanda said.

“We need to note that KCM is still a going concern and therefore continues to meet its tax obligations. KCM will continue to be treated like any other business in so far as tax matters are concerned. ZRA has therefore NOT paid KCM any purported refund as alleged.”

By Derrick Silimina

The Jewellers Association Show (JAS) of India has described Grizzly Mining Company’s sixth emerald auction sale as progressive but urged the Zambian Government to avoid introducing higher taxes and duty which could cripple the emergent sector.

In an interview on the sidelines of the auction sale at Intercontinental Hotel in Lusaka, JAS Executive Member Ashok Maheshwari has urged Government to consider reducing the export duty on emeralds, which if not checked will negatively affect the sector.

“When we came for the last auction, we came to learn about the export duty of about 15 percent being introduced by the Government. I think this is not the time for putting in place all these taxes and duty because the overall global market is not performing well. I think this is not the right time because it will affect our buyers of finished products and once they shun our products, then we will also fail to come to buy the raw materials from here,” he said.

Mr Maheshwari has described Grizzly Mining Company’s documentation as straight forward for all bidders thus making the entire process “very transparent.”
“We are very happy to be here because being partners with them from the very first day, we have observed that their assortment of gemstones has improved a lot in terms of the material which is coming from the mines. The mining company is doing the best and this becomes very easy for us manufacturers to get the goods manufactured and supplied to our customers.”
And Mr Maheshwari has suggested that Grizzly Mining Company should enhance their price control for the manufacturers to strike a balance and meet the international demand for their buyers.
“We need a comfortable pricing structure because we find that the price keeps on getting higher. It might be that they have higher mining costs, but a fair price structure is key because we face challenges in prices of finished goods on the world market. So, we need control of prices on the raw materials so that we can supply the goods to our buyers at a reasonable price.”
He however commended Grizzly Mining Company for recording massive progress to their auctioning process since inception.
Mr Maheshwari, who is also Managing Director for Nakshatra Gems, a company that manufactures and trades in finished emerald products, observed that Africa’s raw materials and those from Zambia were on demand on the international market.
“Gemstone industry in Zambia is great because all the natural resource is from Zambia.”
He reiterated that Zambia’s wide scope of resources was key for emerald manufacturers which also helped contribute to the country’s treasury and job creation for the mining industry.
Other bidders expressed delight at the quality emeralds being auctioned by Grizzly Mining Company.

One of the partners at Cosmopolitan Trading Corporation from India, Divyank Bader, has considered Zambia’s precious stones to be of high quality, and that the future for the gemstone industry in the country was bright.

“The market for Zambian emeralds is good. Zambian emeralds are among the best as they are known for their good quality over the past years. They command a market demand across the world.”

Mr Bader noted that Grizzly’s Mining Company’s emeralds auction sale bridges the gap between buyers and suppliers as they bargain for quality thereby making them pay for the stones’ worth.

And Mr Bader has observed that going by Grizzly mining Company’s transparent auctioneering process, the sector is becoming well-organised.

“Over the years, I have seen that the gemstone industry in Zambia is becoming more organized and the future is bright. And going forward, I feel it will be more organised.”

On the pricing structure of the precious stones, the bidder stressed that there was need for the mining company to consider pegging the gems at the right price according to their quality.

“Basically, it has to be the right quality at the right price because the buyers around the world are slightly conservative right now in terms of pricing.”

Mr Bader described his experience in the Zambian auctioneering process as “awesome”.

“It’s been good ever since it started, and the process has been transparent over the years.”

And Ishmael Modi, a bidder from the Indian city of Jaipur, the main global centre for emerald trading, is optimistic for the future of Zambian emeralds in the world market.

Courtesy of SUMA SYSTEMS.

The Victoria Falls has recorded the lowest water levels as of this month compared to previous years.

Victoria Falls World Heritage Site Manager John Zulu has attributed the early reduction of water to reduced amounts of rain fall during the last rainy season.

Mr. Zulu said the rocks at the falls usually become exposed in October and November when the water levels reduce, but this year the rocks are already showing.

He however said the Victoria Falls remains admirable throughout the year.

Mr. Zulu said the geological formation of the heritage site is captivating and that the low water levels also allow for activities such as white water rafting and walking on the lip of the falls.

And Mr. Zulu has noted that the number of people visiting the Victoria Falls slightly increased from January to June this year as compared to the same period last year.

He said about 80000 local and international tourists visited the Falls this year in the first six months while the same period last year recorded 75000 visitors.

ZNBC