Secretary to the Treasury Felix Nkulukusa said that the finance minister had signed a statutory instrument on the suspension of the 15-percent duty to allow local producers to compete more effectively during auctions and sales on the global market.
"In view of the foregoing measure, Zambian precious stones and metals will now be priced more competitively on the global market, thereby attracting more interest from international buyers and leading to higher sales volumes and increased economic activity in the sector," he said in a statement, Xinhua reported.
He added that the measure will encourage more investment in the exploration and extraction of precious stones and metals, boost overall mineral production, and increase the country's foreign exchange earnings through diversified exports.
The government will strictly monitor the measure's impact to ensure anticipated benefits, the official said.