The southern African country, the world's second largest emerald producer after Colombia, re-introduced the tax on January 1, after it was suspended in 2019.

"The company will engage with the Zambian government to seek the re-introduction of the suspension of this export duty or to remove it from the legislation given the impact on sector sustainability and investment attractiveness," Gemfields said in a statement.

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.

Kagem paid an effective 31% of its revenues to the Zambian government in the form of mineral royalty, corporation tax and dividends, the company said in 2023. Gemfields owns 75% of Kagem, with the government of Zambia holding the balance.

The Kagem mine has reported cumulative emerald sales revenue of $1.1 billion between 2009 and 2023, according to Gemfields.

--Reuters--