Some gold miners in the country have formed a National Gold Buyers Association, which aims to curb gold leakages, among other objectives.
The highly informalized nature of the country`s small scale mining sector has been identified as one of the chief reasons for massive gold leakages.
Chairman of the association, Pedzisai Sakupwanya said they also intend to ensure fair buying prices of gold on the market.
“We are thankful for the move that has been made to form the National Gold Buyers Association. As the chairperson who will be representing all the gold buyers, we hope that we will help the government that all the gold sold in different areas will be brought to Fidelity Printers and Refiners (FPR).
“We are hoping that the prices in different provinces, will be the same price with FPR. It won’t be a different one from FPR. We are hoping again that there will not be any black market and all the gold will go to FPR,” he said.
According to research organization the International Crisis Group, more than $1.5 billion of gold is smuggled out of Zimbabwe every year, depriving the cash-strapped economy of crucial foreign-exchange revenues,
The association`s Treasury General Raj Skorus says they seek to reach out to the marginalised groups within the gold mining sector.
“Idealistic with the National Gold Buyers Association the first thing we want is to solidify a good network, to avoid any confusion to avoid any sort of inside competition. The idea behind all this whole association is not a creative to provide outreach to the people that generally aren’t capable as some others.
“Having one solidified union having eradication inside the competition will definitely help. And basically improving the quality of the community, the quality of communication so as first step I think this is what to do. Develop the right network, develop the right people for the association and hence forth obviously focus on more important issues as well and let us start with that and we will see what to do with that hence forth,” he said.
Last year, the Minister of Home Affairs Kazembe Kazembe, said Zimbabwe has been losing some $100m worth of gold every month through international smuggling rings and the country’s porous borders.
The Zimbabwe Debt and Development has reported that unclear policies have caused gold to be smuggled outside the country, with the country losing large amounts of foreign currency.
Zimbabwe’s export incentives have seen gold deliveries to Fidelity Printers and Refiners r…