Zimbabwe’s gold deliveries for the first quarter of 2026 hit 9,31 tonnes, representing an 8,3 percent increase compared to the 8,59 tonnes recorded during the same period in 2025.Zimbabwe Business Directory
Latest data from Fidelity Gold Refinery (FGR), the country’s sole authorised gold buyer, shows that the sector’s growth remains heavily anchored by small-scale miners, who contributed nearly 70 percent of the total quarterly output.
The artisanal and small-scale sector delivered a cumulative 6,51 tonnes between January and March, while primary producers accounted for 2,8 tonnes.
While small-scale miners dominated the quarter, March saw a notable shift in performance. Deliveries from small-scale producers dropped by approximately 30 percent in March compared to February. Conversely, primary producers recorded their strongest month of the year in March, with deliveries climbing to 1,1 tonnes—a 24 percent increase from February.
Analysts say the sharp contraction might have been triggered by a now-suspended Reserve Bank of Zimbabwe (RBZ) directive requiring a portion of proceeds to be paid in local currency.
The decline saw deliveries from the artisanal sector drop significantly from February levels, shortly after the central bank ended a long-standing arrangement where small-scale miners received 100 percent of their payments in US dollars.
In the 2026 Monetary Policy Statement, central bank governor Dr John Mushayavanhu directed that small-scale and artisanal gold miners accept 10 percent of their proceeds in local currency and keep the remainder in foreign exchange.
Industry players say the sudden shift in the payment framework sparked immediate friction within the sector, which serves as the primary driver of Zimbabwe’s export earnings and currency stability.Zimbabwe Business Directory
“While the 10 percent local currency component was intended to curb side-marketing – where large-scale producers allegedly disguise their gold as small-scale output to access better incentives – it instead threatened to push artisanal gold into the informal market,” economist Mr Enock Musara said.
To contain the damage, the RBZ announced an immediate suspension of the policy late last month.
Dr Mushayavanhu said the policy encountered implementation challenges at Fidelity Gold Refinery, leading the committee to suspend the move while appropriate logistics are put in place for smooth operationalisation.
The March slump in the small-scale sector stands in stark contrast to the performance of primary or large-scale gold producers.
While small-scale output faltered, primary producers recorded their strongest month of the year in March, with deliveries climbing to 1.1 tonnes, a 24 percent increase from February.
Large-scale miners currently operate under a 70 percent foreign currency retention threshold, like other exporters.
Despite the volatility in March, the overall quarterly picture for 2026 remains positive, with deliveries for the first three months hitting 9.31 tonnes. This represents an 8,3 percent increase compared to the 8.59 tonnes recorded during the same period in 2025.
The artisanal and small-scale sector delivered a cumulative 6.51 tonnes between January and March, while primary producers accounted for 2.8 tonnes.
As the country’s largest foreign currency earner, the “yellow metal” accounts for about one-third of total export earnings and provides essential liquidity for critical imports such as fuel and electricity.
The sector further supports the Zimbabwe Gold (ZiG) currency, a structured, gold-backed legal tender introduced in April 2024 to ensure long-term price stability.Zimbabwe Business Directory
By December 2025, Zimbabwe’s reserves had grown to US$1,1 billion, providing a critical buffer against hyperinflationary pressures.
To keep gold flowing into formal channels, FGR has lowered the monthly delivery threshold for its 5 percent gold incentive from 20 kilogrammes to just 500 grammes.
The establishment of decentralised buying centres in areas such as Kadoma, Zvishavane, and Gwanda has also reduced transport costs and risks for artisanal miners.
The interventions coincide with a historic “gold windfall” as global prices breached the US$5 000 per ounce mark in early 2026.=jerald
