Emerald will shine brighter this year in Jaipur – the Emerald capital of the world.
Zambia – the largest producer of Emerald rough – has rolled back 15% export duty on emerald it had introduced from January 2025.
This will boost the trade of emerald and other precious stones across the globe.
Zambia, which accounts for more than 70% of the world's emerald supply, had first introduced the export duty of 15% in 2019 but suspended it at the end of 2019.
Later, the government once again reintroduced the 15% export duty from this year onwards. But due to pressure from trade bodies and leading emerald supplier Gemfields, the government had to retract its decision in less than two months time.
Gemfields – the Guernsey-based miner and marketer of coloured gemstones operates the Kagem emerald mine in Zambia, one of the biggest in the world. Gemfields also owns the Faberge jewellery brand and a ruby mine in Mozambique.
JCCI hails the decision
Jaipur Chamber of Commerce and Industry (JCCI) welcomed the decision as a positive step for the gem and jewellery trade facing global challenges.
“This decision will directly benefit Jaipur and its emerald industry, which is already a formidable force in global market. The removal of tariffs will give a new spring to the export trade,” said Ajay Kala, a leading jeweller and honorary secretary of Jaipur Chamber of Commerce and Industry.
He said that traders and gem exporters are excited by this decision as it will not only increase the availability of rough emeralds, but also strengthen the competitiveness of Jaipur's emerald industry in the global market.
Kala said that the step will further strengthen the trade relations between the two countries and establish Jaipur at the centre of global emerald trade once again.
Ram Kumar Kaushik is a seasoned journalist with over 25 years of experience across mediums. The architect of this news website, he is also a consultant with several media groups. He was formerly the group managing editor of ITV Network (NewsX, India News and The Sunday Guardian) and its digital products.
