GOLD BUYING AND SELLING AS A BUSINESS: HOW TO GET A GOLD BUYING LICENSE

GOLD BUYING AND SELLING AS A BUSINESS: HOW TO GET A GOLD BUYING LICENSE

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Gold is a common mineral in Zimbabwe with the symbol Au. Gold Mining has attracted a number of both formal and informal Small Scale Mining Activities in Zimbabwe. However, not all of the above mentioned parties can directly sell there produce to Fidelity Printers and Refiners (The sole buyer of Gold in Zimbabwe) so this is when a gold buying agent comes in, buying gold low and selling it higher, the typical investment scenario.

DID YOU KNOW?

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  • YOU CAN GET A GOLD BUYING LICENSE AT ZERO COST
  • FIDELITY PRINTERS AND REFINERS IS THE SOLE GOLD BUYER IN ZIMBABWE AND IT’S THE ONE RESPONSIBLE FOR ISSUING GOLD BUYING LICENCES
  • GOLD IS PRICED WITH PURITY OR SPECIFIC GRAVITY
  • EVERY DISTRICT OF ZIMBABWE HAS GOLD DEPOSITS
  • GOLD PRICES ARE DETERMINED BY THE INTERNATIONAL MARKET

The license is divided into two:

  1. Individuals (Non Custom Millers or Elution Plant Owners)

To begin with you would need:

  • Police clearance for individual buyers or for company directors.
  • Passport size photo for the principal licence holder and company directors.
  • Proof of funds for gold purchases amounting to USD$3,500 for individuals and
  • USD$10,000 for companies supported by Bank confirmation of the availability of funds.
  • A survey where by you meet people willing to sell gold to you and the following must be met:
    • Quantities one is willing to sell to you either per week/ month.
    • They must provide their ID and phone numbers.
    • They must as well countersign.
  • Current tax clearance certificate for companies.
  • An interview can be carried out by Fidelity Printers & Refiners

For renewal purposes after a period of one year you need:

  • Minimum average deliveries of 6000 grams (6kgs) per six months under the expired licence.
  • Custom Millers and Elution Plant Owners
  • Current licence for the custom milling plant and/or elution plant issued by the Ministry of Mines and Mining Development.
  • Current tax clearance certificate.

N.B: All custom millers are Fidelity Printers and Refiners’ gold buying agents in terms of SI 178 of 2005 section 3.

For more information and clarity please contact Fidelity Printers and Refiners on details below:

No. 1 George Drive, Msasa, Harare

sales@fpr.co.zw

Phone: +263 4-486670, +263 4-486694, +263 4-487131, +263 4-447810-5

Reference:

  • www.fpr.co.zw
  • Proposed-Criteria-for-Issuance-of-Gold-Buying-Permits-2018
  • Gold Trade Act
  • Zimbabwe Mineral Potential Booklet

About Post Author

Denzel Chimene

Denzel Chimene is an entrepreneur with interests in different industrial sectors and a metallurgy technician in making at the Zimbabwe School of Mines. He is also the Founding President of EntreVision Org, an entrepreneurial, innovation and talent empowering organization.
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