$120m paid in taxes by Kagem

BUUMBA CHIMBULU writes @SunZambian APPROXIMATELY US$120 million worth of taxes has been contributed by Kagem to the Zambian Government. This is in form of cumulative corporation taxes, mineral royalties and dividends, says Kagem in a statement released yesterday. “This means that, up to 31 December 2019, 18 percent of Kagem’s revenues have flowed to the Zambian government. Kagem currently provides more than 1,100 direct jobs,” Kagem said. Kagem is 75 percent owned by Gemfields, in a model partnership with the Zambian Government. The statement indicated that since acquiring 75 percent of Kagem in 2008, Gemfields has been particular in declaring revenue, which has reached approximately US$635 million. It said the revenue was from the sale of emeralds at auctions both locally and internationally. Proceeds from the auctions, Kagem said, were repatriated to Zambia, generating valuable foreign exchange for the country. It also said: “Kagem’s US$345,000 industry training initiative is sponsoring 12 students from the geological and mining engineering departments at the School of Mines at the University of Zambia (UNZA) and Copperbelt University (CBU) over a period of eight years.” Kagem aims to emulate the values of Gemfields and operate in a way that contributes positively to the national economy, while taking a leading role in modernising the coloured gemstone sector and building sustainable livelihoods for the communities around the mine. The company believes that coloured gemstones should be mined and marketed by championing three key values – legitimacy, transparency and integrity. Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of coloured gemstones to the global jewellery market.