Zimbabwe’s gold smuggling syndicates flagged

A new report (Illicit Gold Markets in East and Southern Africa) estimates that 70% of Zimbabwe’s gold production has found its way into international markets. The Global Initiative Against Transnational Organised Crime's report said the 10% to 30% of authorised buyers still selling bullion to the state-run Fidelity Printers and Refiners (FPR) are only doing so to retain their licences. The Zimbabwe Standard reports that it estimates that about 50% of the 1.5m artisanal and small-scale gold miners are ‘spiriting away’ the precious metal. ‘Major foreign buyers, often from South Africa, partner with Zimbabwean dealers to buy large quantities of gold on the illicit market,’ the report notes. It further claims that 40% of gold mined in Matabeleland is believed to be smuggled to SA. The UAE, China, India and Russia are also receiving smuggled gold.