News / National
Zimbabwean miners raises alarm over alleged gold adulteration scam
5 hrs ago |
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The Zimbabwe Miners Federation has called on authorities to investigate reports that some Chinese nationals are allegedly adulterating gold with tungsten to inflate its weight and value.
The allegations have triggered concern within Zimbabwe's mining sector, with industry leaders warning of potential damage to both revenue streams and the country's reputation on international markets.
ZMF president Henrietta Rushwaya said the practice involves drilling into gold bars and inserting tungsten - a dense and hard metal - to deceive buyers about the true weight and purity of the gold.
"Some Chinese nationals have flooded our markets with gold that has been tampered with. This is a criminal activity that deprives our country of rightful revenues. We urge security agencies to investigate these cases thoroughly and bring those responsible to justice," she said.
In response, Fidelity Gold Refinery has stepped up efforts to safeguard the integrity of gold trading by acquiring X-ray fluorescence (XRF) machines to detect mineral composition and identify tampering.
Rushwaya warned that unchecked adulteration could undermine Zimbabwe's credibility with global buyers, as tungsten's physical properties make it difficult to detect without advanced testing methods.
Gold remains Zimbabwe's largest export commodity, with the mining sector contributing approximately 60% of national export earnings, according to official data.
Industry stakeholders say the emergence of such fraudulent practices underscores the need for stricter oversight, enhanced monitoring systems and stronger enforcement measures to protect the country's vital mining sector.
The allegations have triggered concern within Zimbabwe's mining sector, with industry leaders warning of potential damage to both revenue streams and the country's reputation on international markets.
ZMF president Henrietta Rushwaya said the practice involves drilling into gold bars and inserting tungsten - a dense and hard metal - to deceive buyers about the true weight and purity of the gold.
"Some Chinese nationals have flooded our markets with gold that has been tampered with. This is a criminal activity that deprives our country of rightful revenues. We urge security agencies to investigate these cases thoroughly and bring those responsible to justice," she said.
In response, Fidelity Gold Refinery has stepped up efforts to safeguard the integrity of gold trading by acquiring X-ray fluorescence (XRF) machines to detect mineral composition and identify tampering.
Rushwaya warned that unchecked adulteration could undermine Zimbabwe's credibility with global buyers, as tungsten's physical properties make it difficult to detect without advanced testing methods.
Gold remains Zimbabwe's largest export commodity, with the mining sector contributing approximately 60% of national export earnings, according to official data.
Industry stakeholders say the emergence of such fraudulent practices underscores the need for stricter oversight, enhanced monitoring systems and stronger enforcement measures to protect the country's vital mining sector.
Source - newsday
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