When people think of Zambia, copper usually comes to mind—but beneath the Copperbelt and across its rugged landscapes, gold is quietly rising in prominence. Thanks to government-backed formalization efforts, a growing ecosystem of formal buyers, and clear regulatory frameworks, Zambia has emerged as a promising source of high-purity, 24-karat gold. Whether you’re an investor hedging risk, a collector, or part of the jewelry trade, understanding how to confidently and transparently buy Zambian gold can open up valuable opportunities.

In this guide, we’ll explore everything: from the laws regulating gold buyers, miners, and exporters, to where the gold is mined, what products are available, who you can trust to buy from, and how pricing and logistics work. By the end, you’ll have both the big-picture and nitty-gritty know-how needed to move forward with confidence and clarity.

Regulatory Framework: What You Need to Know

Any gold buyer in Zambia, local or international, needs to begin with a solid understanding of the legal landscape. Gold mining and trade are overseen primarily by two frameworks:

• Mines and Minerals Development Act No. 11 of 2015 (amended 2016): This legislation governs mining operations—large-scale and artisanal alike—clarifying license types, environmental guidelines, royalty structures, and safety provisions.
• Gold Trade Act: This Act defines the licensing requirements for gold dealers, exporters, and processors. It mandates official documentation—both to prove ownership and to authorize exports via CD1 forms through Zambia Revenue Authority (ZRA) .

Additionally, Zambia is implementing regulatory upgrades under the pending Minerals Regulation Commission Act, 2024, aiming to streamline licensing procedures via a single agency. These changes promise faster approvals, clearer standards, and stronger oversight.

One of the most significant developments is the formalization of artisanal and small-scale mining (ASM). Since October 2022, over 500 ASM licenses have been issued, including nearly 75 specifically for gold mining. The government has also begun building market centers in gold-bound districts like Mumbwa and Rufunsa—where the Zambia Gold Company Limited (ZGCL) now operates as an official gold aggregator, helping miners transition away from informal sales.

Why this matters?

A clear and enforced regulatory environment protects buyers—official documentation and legal traceability reduce the risk of scams, smuggling, and shoddy quality. As reforms advance, Zambia’s gold sector becomes increasingly secure, standardized, and professional.

• Zambia’s Gold Landscape: Production and Potential: Gold may not yet match copper in scale, but its growth trajectory is impressive. Zambia’s gold reserves rose from about US$63 million in 2022 to US$190 million by mid-2024. The bulk of that increase has come from formalized artisanal and smaller-scale operations, which now supply around 60–70% of output—up considerably from previous years .
• Regions like Mwinilunga (close to the Angola and DRC borders) are emerging as gold hotspots. The state-run Zambia Gold Company Limited (ZGCL) is actively operating in areas like Kasenseli, directly purchasing gold from miners at official prices (around K1,500 per gram) compared to the informal market’s ~K800/g. The government’s strategy is clear: bring miners into the formal economy, secure tax revenue, and build a more reliable and transparent supply chain.
• At the same time, partnerships with organizations like COMESA and UK aid have funded the development of processing centers, the roll-out of mercury-free extraction methods, and the training of cooperatives. These measures help artisanal miners improve quality and ensure gold is traded legally and ethically.

Why this matters: More formalized and trained artisanal miners mean higher-quality gold, better traceability, and greater supply volume. That benefits buyers looking for fully documented, investment-grade gold.

Gold Products on Offer

Zambia’s gold market today offers several product forms, primarily focusing on investment-grade bullion:

• Refined 24-karat bars in sizes ranging from 1 kg (30 troy oz) to grams. These are typically minted by licensed refiners or processed by ZGCL, with purity certified at 999–999.9‰ and backed by certificates of authenticity.
• Gold dust and nuggets, sold primarily through centralized gold centers and cooperatives. Sample testing is common, and buyers are advised to use assay results to verify purity.
• By-product gold from copper mines such as Luiri Hills and Bangweulu is occasionally available. Their output, refined to standard bullion quality, provides another supply avenue for institutional buyers or export-grade orders.

Why this matters: Options range from high-end refined bars to more common artisanal dust, giving buyers flexibility in volume and type—but also requiring careful verification when purchasing.

Where to Buy: Trusted Channels in Zambia

Zambia’s gold buyers have several reliable channels, each with different benefits:

• Zambia Gold Company Limited (ZGCL): As a government-operated body, ZGCL sets formal gold prices and maintains trust with miners. It operates market centers in Mwinilunga and is expanding to Rufunsa and Mumbwa, offering transparent prices, lab testing, and export support.

• Licensed Private Exporters and Refiners: Companies such as Village Local Miners have grown to fill gaps in localized processing and logistics. These firms aid artisanal miners and help buyers—especially international ones—to export gold with legal paperwork and insured transport .

• Mining Company Outlets: Refineries linked to copper mines often provide gold to approved buyers. Though these channels can offer higher volumes and traceability, they come with formal purchase requirements and export protocols.

• Cooperative and ASM Buying Centers: Registered cooperatives, often under COMESA-backed initiatives, bring miners together to sell in aggregated form. These centers tend to produce cleaner, better-documented gold and make dealing easier for small-quantity buyers.

• Exporters under off-take Agreements: Buyers can enter off-take agreements with exporters who manage the logistics of refined gold purchases, packaging, and the CD1 export process via ZRA and the central bank .

Why this matters: The choice of vendor affects price, purity, traceability, and risk—so choosing the right partner based on your needs and volume is essential.

Pricing Dynamics: Understanding Costs

Gold pricing in Zambia reflects a combination of global benchmarks, local market forces, and regulatory factors.

• Global spot price: Zambia’s pricing starts with LBMA/COMEX USD spot, then converts to Kwacha or USD, applying a local premium.
• Premiums: Due to refining, shipping, assay costs, taxes, and dealer margins, premiums range from 1–5% for bars. Dust and artisanal gold may come with higher premiums or discount, depending on settling and purity .
• Tax incentives: Zambia recently suspended 15% export duty on precious metals (Feb 2025), boosting competitiveness but also raising concerns over lost state revenue.
• Royalties & turnover tax: Royalties vary from 4% for gold, while small-scale operators under K800 m annual turnover pay a reduced 5% instead of full corporate tax .

Why this matters: Understanding how additional costs—duties, premiums, royalties—factor into pricing helps you assess the true value of any gold purchase.

Buying Process: A Step‑By‑Step Walkthrough

Here’s how a typical gold acquisition may proceed:

• Verify licensing: Check your counterparty’s status—FPR license, exporter permit, or ZGCL certification.
• Request assay results: Whether serial-numbered bars or lab-tested dust, insist on assay documents for purity confirmation.
• Confirm pricing: Ask for an itemized breakdown—spot, premium, assay, packaging, logistics.
• Negotiate payment and delivery: Choose insured, trackable methods for transport.
• Secure documentation: For exports, ensure CD1 form is included, along with ZRA receipts and customs clearances.
• Perform due diligence: Independently verify assay numbers and Gold Trade compliance.
• Logistics and import: Coordinate shipping, compliance, and delivery to final location—whether in-country or abroad.

Why this matters: A standardized process reduces risk, ensures compliance, and sets clear expectations—especially important for high-value transactions.

Risk and Mitigation Strategies

Navigating gold purchases in Zambia (or any emerging gold market) comes with risk, but these can be mitigated:

• Counterfeit documentation: Verify serial numbers or assay results against independent labs or the source.
• Currency instability: Use stable currencies (USD) or hedge exchange rate risk strategically.
• Illicit sourcing: Avoid informal supply chains; dealing with licensed centers ensures traceability.
• Policy shifting: Stay current with fiscal expansions, duties, and regulatory changes—subscribe to updates from Mines Ministry, ZRA, and COMESA.
• Environmental and reputational risk: Prefer miners and dealers compliant with safe, mercury-free mining practices.

Why this matters: In markets with informal actors, regulatory complexity, and evolving policies, caution is crucial for both legal compliance and investment integrity.

Market Outlook: What to Expect in 2025 and Beyond

Zambia’s gold sector is on a positive trajectory. Key trends to monitor include:

• Formalization Push: As ASM centers multiply and cooperatives form, expect cleaner gold supplies and easier buying—even for first-time purchasers.
• Regulatory Clarity: With the Minerals Regulation Commission becoming active, licensing is expected to become faster and less fragmented.
• Gold’s rising share of Exports: While copper remains dominant, gold is rapidly ascending as a non-traditional export, supported by international and domestic policymaking.
• Market Stabilization: With export duty lifted and duties streamlined, margins may tighten but supply quality should improve.

Why this matters: Buyers entering now may benefit from emerging structures that offer both reliability and growth potential as Zambia’s gold market scales.

Conclusion

Zambia’s gold sector is evolving—from a largely informal gold rush to a competitive, regulated market with clear oversight, fair pricing, and investment-grade product offerings. Whether you’re buying artisanal dust or refined bars, the pathway is increasingly well-defined: licensing, verification, documented sales, and traceable exports.

To fully meet your goals, I can help craft:

• A detailed flowchart illustrating the end-to-end buying process
• An interactive calculator for pricing gold—including premiums and duties
• A buyer checklist to verify legitimacy and compliance
• Case studies or sample purchase contracts
• Visual assets like infographics, certificate mockups, or slide decks