According to
the United Kingdom-based gold market tracker BullionVault Ltd, year to date,
gold prices have surged by 40% to US$3 338,19 per ounce for the mineral.
A 2020
investigation by International Crisis Group reported that Zimbabwe is estimated
to be losing US$1,5 billion annually to gold smuggling, translating to 22,4
tonnes a year and 1,87 tonnes monthly.
Consequently,
if the monthly smuggled gold tonnage is valued, Zimbabwe could have lost at
least US$660 million from the first quarter.
According to
the Zimbabwe National Statistics Agency, gold exports generated revenue of
US$755,24 million in the first quarter, from a 2024 comparative of US$385,13
million.
The Home
Affairs ministry has previously reported that Zimbabwe is losing at least
US$100 million monthly to gold smuggling.
“It is
important to acknowledge, however, the significant challenges that continue to
face our gold mining sector. Foremost among these are illicit activities and
the ongoing issue of gold smuggling,” Chitando said during the 2025 First
Quarter of Gold Mobilisation workshop in Harare on Wednesday.
“Due to its
inherent nature as a high value and low volume commodity, gold is particularly
susceptible to leakages to various international markets.
“To effectively
curb these detrimental activities, strong collaboration and shared
responsibility amongst all stakeholders is paramount.”
The top two
destinations for Zimbabwe’s smuggled gold are the United Arab Emirates and
South Africa.
“Aggregating
this performance for the first quarter of 2025, we see a total gold delivery of
8,5 tonnes which is well above the target of seven tonnes set for the first
quarter of 2025.
“This
demonstrates a solid start to the year and provides a strong foundation upon
which to build,” Chitando said.
“For the first
four months of 2025, the statistics for our monthly gold deliveries demonstrate
the significant contribution of our mining stakeholders. In January, we
recorded a total purchase of 3,13 tonnes of gold.
“This momentum
continued into February and March with 2,56 tonnes and 2,79 tonnes,
respectively.
“These figures
underscore the inherent potential within our gold sector and the dedication of
our miners in particular.”
He reaffirmed
being committed to supporting small-scale producers through formalisation,
training and access to fair markets.
Small-scale
gold miners contribute at least 60% to gold exports.
“A closer
examination of the production analysis reveals a familiar pattern that
highlights the critical role played by our small-scale producers,” Chitando
said.
“In January, February and March 2025 their contributions were a substantial 2,27 tonnes, 1,64 tonnes and 1,86 tonnes, respectively, showing an average monthly contribution of 68% of the total production.”
He said this
consistent performance underscored the effectiveness of the ministry’s ongoing
efforts to formalise and empower this pivotal industry. Newsday
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