Zimbabwe is expected to start real-time tracking of gold from 30 September 2024.

Bloomberg reports that the tracing, from the point of weighing by the producer to the market, is an attempt to prevent smuggling.

The International Crisis Group estimates that the country loses about US$1.5 billion in revenue a year to smuggling of the precious metal.

‘The system allows for real-time monitoring from bullion weighing by the producer and its subsequent delivery to FGR [Fidelity Gold Refinery], which can also be traced to the market,’ says FGR general manager Peter Magaramombe.

FGR, owned by the Reserve Bank of Zimbabwe, is the country’s sole authorised buyer of gold.

Zimbabwe plans to produce 40 tons of gold this year, up from about 30 tons in 2023.

28 May 2024
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