This article uses data collected from male and female miners and gemstone traders in an amethyst production zone in Zambia and tanzanite production zone in Tanzania to explore the gendered dynamics of investment of artisanal and small-scale mining profits in local communities. We investigated payment arrangements at mining sites and variations between how men and women are paid; and asked how men and women use proceeds from mining. These research themes allow us to identify mining and non-mining investments made by miners and develop an assessment of the broader, rather than narrow, impacts of ASM on economic livelihood alternatives in the community.