Netherlands seeks to market Zimbabwe gold

Dutch special envoy natural resources, Dirk Jan Koch, said last week that the Netherlands was committed to help revive Zimbabwe's gold sector.

"There is too much illicit gold leaving the country and the Netherlands can play an important part by promoting that European markets distinguish between licit and illicit gold. Zimbabwe can work on the supply side while we can work on the demand side."

Meanwhile, the government has raised its gold-buying price and reduced royalty charges for artisanal miners from 5% to 1% as part of efforts to discourage the smuggling of the precious mineral outside the country.

Finance minister Patrick Chinamasa told the National Assembly on Wednesday that the local prices of gold were now at the same level as the London Bullion Market.

"The prices are now the same as those ones at the London Bullion Market. There is now no incentive for people to sell gold illegally," he said.

The price of gold on the international market is $1 154 500 per troy ounce.