Staff Reporter

The nation’s gold industry has witnessed a substantial growth in gold deliveries to  Fidelity Gold Refinery (FGR).

According to a source from Fidelity Gold Refinery, who spoke on the condition of anonymity, the spike was marked by a 31.4% increase in April 2024 from the previous month.

“Gold deliveries to Fidelity Gold Refinery have surged by 31.3% after April’s gold deliveries soared to 2,386.9067 kilograms, up from 1,816.5413 kilograms recorded in March 2024,” said the source.

Furthermore, the source attributed this noteworthy escalation in gold deliveries to the concerted efforts by Artisanal and Small-Scale Miners (ASM) operating across the nation.

“The surge in gold deliveries during April is indicative of the resilience and dedication exhibited by Zimbabwe’s artisanal and small-scale mining community,” stated the source.

The source emphasized that the surge in gold deliveries is anticipated to have far-reaching implications, not only in bolstering Zimbabwe’s gold reserves but also in stimulating economic growth and enhancing foreign exchange earnings.

“The substantial increase in gold deliveries signals a promising trajectory for Zimbabwe’s gold industry, which plays a pivotal role in the country’s economy. The surge in gold deliveries offers a beacon of hope for the nation’s financial outlook,” the source remarked.

Meanwhile, the surge in gold deliveries in the country is expected to provide significant support to Zimbabwe’s new gold-backed structured currency, the ZiG. Zimbabwe, sitting on one of the world’s biggest gold deposits, will pose an unprecedented threat to the global dominance of the US dollar.