Rough Zambian emeralds earn Kagem $27.2 million in Singapore sale this week
ZAMBIA’S emeralds earned Kagem Mining Ltd $27.2 million in a Singaporean gem sale held this week.
Kagem Mining Ltd, hosted a successful auction of Zambian emeralds from the mine in Lufwanyama this week, monitored by officials from the Ministries of Finance and Mines and Minerals Development. This was Kagem’s 34th auction since UK-based Gemfields acquired 75% of Kagem in July 2008 while 25% owned by IDC of Zambia.
While the sale of high quality gemstones in Singapore successfully raised US$27.2 million of foreign exchange earnings for the nation – all of which will be repatriated to Zambia – the company has cautioned that the Zambian export duty on gemstones is hampering both production and sector growth.
(Credit: Langmead & Baker Ltd)
News Source: Mwebantu