Gemfields faces tax hike in Zambia, threatening Fabergé owner's mining operations.

Gemfields, a London-listed company owning the luxury brand Fabergé, faces challenges due to Zambia's sudden reintroduction of a 15% export tax on gemstones. This affects Kagem Mining, 75% owned by Gemfields, raising the total effective tax rate on revenues to 21%. Gemfields plans to lobby the Zambian government to suspend or remove this tax, citing impacts on industry sustainability and investment.

3 months ago
12 Articles