Zimbabwe’s sole authorized gold buyer, Fidelity Gold Refinery (FGR), will implement a new tracking system to monitor the supply of gold from mines to the market, aiming to curb rampant smuggling.
General Manager Peter Magaramombe announced the initiative, which will launch on September 30, during a meeting with miners in the capital city, Harare.
The International Crisis Group estimates that Zimbabwe loses approximately $1.5 billion annually due to gold smuggling. The new system will enable real-time monitoring from the initial weighing of bullion by producers to its delivery to FGR and subsequent market tracing, Magaramombe explained.
Last year, Al-Jazeera reported that gold was being smuggled out of Zimbabwe with the alleged involvement of government officials and the central bank. However, Zimbabwean authorities have denied any wrongdoing.
The country aims to produce 40 tons of gold this year, according to Mines Minister Winston Chitando. In 2023, Zimbabwe produced 30.1 tons, a decrease from a record 35.3 tons in the previous year.
