Diamond Buyers Club

Precious gemstones miner Gemfields revealed Friday the Zambia’s Revenue Authority (ZRA) had served the company with two search warrants for its Kagem emerald mine, as part of a probe into alleged tax evasion.

The two search warrants were served during an unannounced visit to Gemfield's Kagem mine.

During an unannounced visit on Thursday, the ZRA seized documents and files including those supposedly used to evade payment of Value Added Tax (VAT), income tax, with-holding tax and other taxes, Gemfields said.

The rubies and emeralds miner did not say whether  searches had actually taken place.

“Gemfields will provide further updates as pertinent information becomes available,” it said in the statement.

Gemfields is the operator and 75% owner of the Kagem and Montepuez ruby mine (the later in Mozambique).

It also holds controlling interests in various other gemstone mining and prospecting licences in Zambia, Mozambique, Ethiopia and Madagascar.

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