ZAMBIA LOSING BIG AS $100 EMERALDS SOLD LOCALLY FETCH $10,000 ON GLOBAL MARKET

ZAMBIA LOSING BIG AS $100 EMERALDS SOLD LOCALLY FETCH $10,000 ON GLOBAL MARKET

By: Thomas Afroman Mwale

Botswanan Presidential Projects Advisor Jerry Chituba has revealed that  Zambia loses significant revenue in its gemstone sector, with emeralds sold locally for as little as $100 later fetching over $10,000 abroad.

Speaking at the Mining and Investment Insaka, Mr. Chituba expressed concern over Zambia’s failure to fully capitalize on its status as one of the world’s top producers and exporters of emeralds describing the gemstone sector as a potential sign of prosperity lamenting that the country has not yet harnessed its full economic benefit.

Mr. Chituba noted that  Despite the issuance of over 400 prospecting licenses only a handful of mines are currently operational mainly due to limited financing and technical capacity

To address this, Mr. Chituba proposed the establishment of a Gemstone Development Fund, modeled after Botswana’s successful approach.
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