Zimbabwe Gold Deliveries Surge 33% in Q3, Driven b...

Zimbabwe Gold Deliveries Surge 33% in Q3, Driven by Incentives and Policy Changes

Zim Now Writer

Gold deliveries to Fidelity Printers and Refiners, Zimbabwe’s official buyer of the precious metal, rose significantly in the third quarter of 2024. Deliveries jumped by 33% to reach 10,309 kg, up from 7,739 kg in the previous quarter, according to recent data.

Monthly data showed that large-scale miners supplied 1,009 kg in September 2024, compared to 1,027 kg in August and 961 kg in September 2023. Small-scale miners contributed 2,405 kg in September, a slight increase from 2,373 kg in August and a marked improvement over the 2,170 kg delivered in September last year.

Notably, artisanal miners now account for 70% of Zimbabwe’s total gold deliveries.

Government has implemented policies to support this upward trend, including a 5% incentive for producers who deliver more than 20 kg of gold monthly. Earlier this year, a 15% VAT on gold deliveries was also removed, and more gold-buying centers were set up to make selling gold to Fidelity Printers more accessible.

Gold deliveries dipped by 15% in 2023, totaling 30.11 tonnes, down from 35.28 tonnes in 2022. With the sector’s improvement, Zimbabwe’s government aims for a 2024 target of 40 tonnes, a crucial goal given gold’s status as the country’s top foreign currency earner.