Zimbabwe’s gold deliveries increased 8.2% in the first quarter of 2026 to 9,311.92 kg from 8,599.10 kg in Q1 2025, according to the latest statistics from Fidelity Gold Refinery (FGR).
By Rudairo Mapuranga
However, the March performance tells a different story, with total deliveries falling 16.4% month-on-month to 2,854.00 kg from 3,412.95 kg in February.
The March slowdown was not primarily about rainfall. Industry sources point to the short-lived 10% ZiG retention policy and payment disruptions linked to the Middle East conflict as the main drivers of the decline.
Small-Scale Miners Bear the Brunt
Small-scale deliveries in March 2026 fell to 1,748.70 kg, a 30.8% decline from 2,525.65 kg in February and a 6.2% decline from 1,864.99 kg in March 2025. This marks the first significant year-on-year drop for the ASM sector in recent memory, coming just weeks after the RBZ introduced the 90:10 framework requiring miners to receive 10% of proceeds in ZiG.
For the first quarter as a whole, small-scale miners delivered 6,510.91 kg, a 12.8% increase from 5,770.86 kg in Q1 2025 but a 37.1% decline from 10,345.95 kg in the fourth quarter of 2025.
Large-Scale Miners Show Rare Recovery
Large-scale producers delivered 1,105.31 kg in March 2026, a 24.6% increase from 887.30 kg in February and a 14.0% increase from 969.28 kg in March 2025 — the first significant year-on-year growth for the segment in months.
First-quarter large-scale deliveries totalled 2,801.01 kg, a marginal 1.0% decline from 2,828.24 kg in Q1 2025 and a 6.2% decline from 2,985.02 kg in Q4 2025.
Policy Reversal Came Too Late
The RBZ suspended the 10% ZiG retention on March 24, acknowledging “implementation challenges” and that many miners are not banked. But the damage was done. For the weeks the policy was in effect, delayed ZiG payments and the inability to use local currency for imported inputs, diesel, explosives, and spares forced many small-scale operators to scale back or seek informal buyers.
A gold buyer told Mining Zimbabwe, “Money has not been circulating in the gold industry. We are short of money to buy the gold that is there.”
Compounding the policy disruption, the Middle East conflict has affected payment channels for gold exporters who rely on UAE markets, which take a major share of Zimbabwe’s gold shipments.
Total first-quarter deliveries of 9,311.92 kg represent an 8.2% increase year-on-year but a 30.1% decline from the record fourth quarter of 2025. With the 10% ZiG policy now suspended and full USD payments restored, the stage is set for a recovery in April. But March’s 16.4% monthly decline serves as a warning: policy missteps have consequences, and the 50-tonne annual target depends on getting implementation right.
