Zimbabwe is losing millions of dollars in revenue due to the smuggling of gold to Dubai through South Africa.
Speaking during a field day at the Bubi Gold Milling Centre where he was the guest of honour, Finance and Economic Development Minister, Mthuli Ncube, revealed that the government is putting in place measures to prevent the smuggling of the yellow metal so as to ensure increased formal deliveries. He said:
The sector has the potential to contribute much more if we can curb the leakages. Government is going ahead with implementing interventions to curb the smuggling of gold to Dubai through South Africa.
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One of the interventions is where we have Fidelity Printers paying a lucrative price for gold sales. We are aware that all smuggling takes place to Dubai through South Africa and we are losing a lot of gold and we are doing everything as Government to curb leakages.
Minister Ncube said gold alone generates US$1 billion annually and small-scale miners account for over 60 per cent and at times as much as 70 per cent of gold production in the country.