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Gold|Refinery|System
Gold|Refinery|System
gold|refinery|system

Zimbabwe to start gold-tracing system in bid to curb smuggling

A stack of gold bars

Photo by Bloomberg

21st May 2024

By: Bloomberg

  

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Zimbabwe’s sole authorized buyer of gold will introduce a system that traces supply of the metal from mines to the market in a bid to stop smuggling.

Fidelity Gold Refinery’s initiative will start on Sept. 30, General Manager Peter Magaramombe told miners Monday in the capital, Harare.

Zimbabwe loses about $1.5-billion annually to smuggling of the precious metal, according to the International Crisis Group.

“The system allows for real-time monitoring from bullion weighing by the producer and its subsequent delivery to FGR, which can also be traced to the market,” Magaramombe said.

Al-Jazeera, a Qatar-based broadcaster, reported year that gold is being smuggled out of Zimbabwe with the knowledge of the government and the involvement of the nation’s central bank. However, Harare authorities denied any wrongdoing.

Zimbabwe targets 40 tons of gold production this year, according to Mines Minister Winston Chitando. In 2023, it produced 30.1 t, down from a record 35.3 t in the prior year.

Edited by Bloomberg

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