'Too many taxes fueling gold smuggling'

A raft of cumbersome taxes, including refining and royalty payments totalling nearly 18 percent, could be one of the major reasons why people continue to smuggle gold, although Fidelity Printers and Refiners totally reject this.

This comes as a number of investors have been pushing for a review of the Reserve Bank of Zimbabwe unit's monopoly in buying bullion and leakages to countries such as Dubai, and South Africa have spiked due to unencumbered prices.