In Zimbabwe, only the central bank’s subsidiary, Fidelity Printers and Refiners, is officially authorized to buy gold from miners. However, the government also issues licenses to individuals and companies to buy and sell gold, as long as they comply with the Gold Trade Act and other regulations. The Reserve Bank of Zimbabwe also sells gold coins that can be traded.
Official gold buyers
- Fidelity Printers and Refiners: This is the country’s sole authorized buyer of gold from miners and is a subsidiary of the Reserve Bank of Zimbabwe.
Licensed gold buyers
- Individuals and companies: The Gold Trade Act allows the Minister of Mines to issue permits to individuals or companies to acquire, possess, or dispose of gold, with quantities specified in the permit.
- Permits to buy gold: A mining commissioner can issue permits to individuals to acquire or possess gold in quantities not exceeding one ounce.
Selling gold coins
- Mosi-oa-Tunya coins: The Reserve Bank of Zimbabwe sells these gold coins, which have “liquid asset status” and can be traded locally and internationally.
- Restrictions: There is a waiting period of at least 180 days before these coins can be traded for cash.
Important note
- Smuggling: Despite the strict regulations, gold smuggling is rampant in Zimbabwe, with many miners selling their gold to unregistered buyers to get paid in U.S. dollars.
- Contracted buyers: To combat smuggling and manage its foreign currency reserves, the central bank has sometimes contracted private individuals to buy gold on its behalf, though this is not an official buying channel for individuals.