Gold Exports Shine: US$740M in 5 Months

Caledonia starts direct export of gold produced in Zimbabwe

Rutendo Mazhindu

Zim Now Reporter

Zimbabwe's gold export earnings have surged to over US$740 million in the first five months of this year, a significant increase from over US$590 million recorded during the same period in 2024. This impressive growth, confirmed by statistics released by the Reserve Bank of Zimbabwe (RBZ) this Tuesday, solidifies gold's position as the nation's leading foreign currency earner.

The upward trajectory of gold exports since January has been primarily driven by favorable global prices, which are now consistently exceeding US$3,000 per ounce. This sustained boom in the international gold market has provided a strong tailwind for Zimbabwe's mining sector.

Economists are attributing this positive trend to a confluence of factors, notably the sustained international demand for gold as a "safe haven" asset amidst global uncertainties and growing investor interest. Dr. Prosper Chitambara, a prominent economist, explained, "The entire issue is arising from the fact that gold is trending on an upward trajectory and this has further ignited more investors’ interest in the commodity, thereby boosting the overall value or returns for the yellow metal."

Tax consultant Mr. Simba Hamudi echoed this optimism, predicting continued dominance for gold in the country's export receipts. "I foresee a situation whereby gold will continue to dominate the overall export receipts of the nation because by year end, there is that strong possibility of a further growth in earnings," Mr. Hamudi stated.

Beyond external market forces, the growth in exports is also a testament to increased investor interest in gold and the strategic incentives introduced by Fidelity Gold Refinery (Pvt) Limited (FGR). FGR, the country's sole authorized gold buyer and exporter, has been proactive in encouraging local producers. Notably, FGR recently revised its incentive threshold for gold deliveries, lowering it from 20 kilograms to a more accessible 500 grams per calendar month. This move directly benefits artisanal and small-scale miners, who constitute a significant portion of Zimbabwe's gold output and now qualify for a 5% gold incentive on their deliveries.