Gold Worth $1.5 Billion Being Smuggled Out Of Zim Each Year

According to Bloomberg Business, gold worth a staggering $1.5 billion is being smuggled out of the country every year which in turn deprives struggling Zimbabwe income and foreign currency which otherwise would have been remitted to the central bank if it had been sold through the formal channels.

This was revealed after the International Crisis Group (ICG) conducted a research that unearthed the smuggling that is ravaging the Southern African Nation.

Introducing the Pindula News Mobil App
Download from Google Play Store

ICG says the gold is being smuggled to the bullion-trading hub of Dubai and the smuggling was exacerbated by the policy in Zimbabwe that states that gold exporters can only get 70% of their proceeds in forex while the rest is converted into local currency.

A report by ICG reads in part:

Zimbabwe’s centralized gold-buying scheme underpays producers, a practice that encourages smuggling and erodes industrial mining profits, leading companies to close mines. Idle industrial mines become targets for intrusion by artisanal miners.

When contacted for comment, Mines and Minerals Deputy Minister Polite Kambamura said they were working on trying to curb the rampant smuggling of gold:

As government, we are working to minimize the costs of smuggling

The report comes a few short weeks after Henrietta Rushwaya was caught trying to smuggle 6 kgs of gold to Dubai.

More: Bloomberg 

Join WhatsApp & Telegram News Groups:

WhatsApp Group:

Telegram Group:

Back to top

Write a Comment

Your email address will not be published.

Share Full Post

Nyaradzo logo

RSS Recent Profiles Created

Satisfaction survey
How likely is it that you would recommend Pindula News to a friend or colleague?
SuggestionsHow can we improve?
You have already submitted your feedback. If you would like to add more feedback please write us on