Zimbabwe offers a compelling opportunity for acquiring 24‑carat (999 fineness) gold, thanks to its centralized refining infrastructure, government-backed monetary instruments, and a vibrant mining ecosystem. Whether you are an investor hedging against inflation, a portfolio manager, or a private buyer, understanding the local legal framework, trusted buying channels, pricing dynamics, and risk controls is essential. This guide will walk through every aspect, from licenses to exports, bars to coins, and everything in between.

Legal & Regulatory Framework

• Gold Trade Act Licensing: All gold transactions in Zimbabwe are regulated under the Gold Trade Act (Chapter 21:03). The only authorized refiner and licensed buyer within the formal framework is Fidelity Printers and Refiners (FPR)—a Reserve Bank of Zimbabwe subsidiary and LBMA‑accredited since 1989.
• Buying Permits: FPR issues gold‑buying permits (free of charge) for individuals or agents. Requirements include police clearance, tax clearance, proof of sourcing network (identities of sellers, quantities, signed declarations), and capacity to purchase minimum quantities (e.g. 6 kg over six months for renewal).
• Export and Forex Regulation: Gold exports require a CD1 form from ZIMRA, and proceeds must comply with RBZ’s foreign exchange repatriation and surrender rules. FPR remains the principal conduit for gold exports, though power is being restructured and some exporters may export marginal volumes directly under controlled policy .
• Fiscal Reform and Incentives: Mid‑2024 saw VAT on deliveries to FPR removed (Statutory Instrument 69), cutting 15% cost for miners. The production bonus threshold dropped from 20 kg to 500 g, encouraging small-scale miner participation.

Zimbabwe’s Gold Market at a Glance

• Production Growth: 2024 gold deliveries reached 36.48 tons, a 21% increase from 2023—exceeding targets by 1.48 tons and generating about US$2.5 b in exports.
• Small-Scale Miner Rise: Small-scale and artisanal miners account for around 60–70% of output—up from 40%. They are a key driver in meeting growth targets for 2025 (40 tons) .
• Forward Policy Expansion: FPR has decentralized gold‑buying centers across Zimbabwe, expanding access for miners and improving collection efficiency.

Gold Products Available

• 24‑K Refinery Bars: FPR refines 99.999% purity bars (400 oz, 1 kg, 100 g, etc.), recognized internationally. Certified private suppliers, such as Village Local Miners, also offer insured and assay-certified 1 kg bars .
• Mosi‑oa‑Tunya Gold Coin: Launched in July 2022, these 22‑K coins are sold by FPR and commercial banks at spot price + 5%. They are legal tender, individually serial‑numbered, and sono accepted internationally.
• Artisanal Gold Dust & Nuggets: Primarily purchased through agents, this form demands assay verification and cautious dealing due to varying quality and often informal documentation.

Where & How to Buy

• Fidelity Printers & Refiners (FPR): For official 24‑K bars and coins, FPR’s Harare and Bulawayo offices provide the most secure and recognized channels . Bars are LBMA grade, coins are minted by Zimbabwe Mint in Bulawayo.
• Licensed Dealers & Buying Centers: Registered dealers include FPR-authorized agents and private outfits like Village Local Miners. These offer localized access, documentation, logistics, and export handling .
• Auctions & Bank Programs: FPR occasionally facilitates auctions for small miners. Commercial banks distribute coins, and insurance-backed custody products are emerging .

Gold-Backed Innovations

• Mosi‑oa‑Tunya Coin Backed Savings: These coins offer access to asset-backed savings at retail level. Despite initial pause, reissuance in April 2025 supports official ZiG bullion reserves.
• Zimbabwe Gold (ZiG) Currency: ZiG was launched in April 2024 as a gold-backed fiat currency, initially pegged to USD 13.56/ZiG. It serves as a vehicle for foreign reserves, though circulation remains limited.

Pricing Mechanics

• Spot Price Basis: Prices mirror LBMA/COMEX spot (USD) converted to USD or ZiG—with assay, fabrication, and logistics adding to final cost.
• Dealer Premiums & Policy Impact: With VAT removed and bonuses in place, premiums for bars are 1–5%. Coin premiums (spot + 5%) reflect minting costs .
• Exchange Rate & Costs: Parallel market rates affect export proceeds. Export costs include CD1 fees, transport, assay fees, and compliance overhead .

Step‑by‑Step Buying Guide

• Get Licensed: Obtain FPR gold-buying permit (free, requires seller network and tax/police certificates) .
• Select Source: Choose FPR, licensed dealer, or bank for coins.
• Verify Assay: Demand LBMA-grade assay certificate or serial-number for coins.
• Understand Pricing: Ask for spot + premiums + fees + sale terms.
• Formal Documentation: Get authenticated receipt, assay, export/import paperwork.
• Arrange Logistics: Use insured delivery or personal collection.
• Export Compliance: Get CD1 form via FPR, convert FX as required.

Risks & Safeguards

• Documentation Verification: Cross‑check serial numbers or assays via lab.
• Currency Risk: Minimize exposure to ZiG via hard currency deals.
• Illicit Channel Risk: Avoid smuggling—stick to licensed outlets.
• Operational Weaknesses: Delays in FPR payment may affect small‑scale miners.

Market Outlook

• Expected to reach 40 tonnes in 2025, driven by small-scale mining.
• Continued export reforms could diversify buyers beyond FPR .
• Asset-backed innovations (coins, ZiG) support currency policy and investor confidence .

Conclusion

Zimbabwe now offers a fully developed and secure environment for acquiring 24‑karat gold—through official bars and innovation-driven coins, backed by central reforms, licensing, and LBMA standards. Success requires vigilant adherence to licenses, purity verification, transparent pricing, formal documentation, and risk management.