Scott speaks on Gold Buyers License Renewal Hurdles
In Zimbabwe, the renewal of Fidelity Gold Refinery (FGR)‘s issued gold-buying licenses has become a challenging process for many buyers, with a significant number failing to meet the set targets, resulting in non-renewal.
The issue has sparked discussions about the common pitfalls faced by buyers and the strategies necessary to navigate these challenges successfully.
In an interview with Mining Zimbabwe, when questioned about the reasons behind this trend, the country’s leading gold buyer and Better Brands Founder Mr Pedzisai “Scott” Sakupanya emphasized the importance of consistent communication between permit holders and the Refinery.
Scott highlighted that there is a need for transparent communication about the challenges buyers encountered in gold purchasing is crucial to avoid surprises during the renewal process.
“Like with any relationship, it is of paramount importance that gold-buying permit holders regularly communicate with Fidelity Gold Refinery about the challenges they would be encountering in buying gold, to avoid last-minute surprises,” stated the leading gold buyer.
One common mistake he identified was the failure of some buyers to anticipate and address challenges throughout the permit period. Waiting until the renewal stage to highlight issues can result in complications and may lead to the non-renewal of the monthly licenses.
“When it comes to renewal, one must avoid trying to bring forth challenges at the eleventh hour,” advised Sakupwanya.
“Instead, buyers should adopt a proactive approach, addressing issues as they arise and seeking guidance to prevent potential pitfalls,” he opined.
In addition to communication and proactive problem-solving, adherence to regulations and meeting set targets were emphasized as key factors for successful license renewal. Buyers were encouraged to familiarize themselves with regulatory requirements and consistently strive to meet or exceed the prescribed targets to maintain their licenses.
In 2022 when Mining Zimbabwe visited the Masvingo province with the Edmond Mkaratigwa-led Parliamentary Portfolio Committee on Mines and Mining Development, FGR revealed that only a single gold buyer was licensed in the province. The province at the time submitted an average of 87kgs of gold monthly.
READ THE FULL INTERVIEW HERE