The Dubai Gold & Commodities Exchange and Zimbabwe’s Victoria Falls Stock Exchange (VFEX) have signed a memorandum of understanding that will likely result in the setting up of a gold market in the southern African country.
VFEX chief executive Justin Bgoni was quoted by Bloomberg as saying that Zimbabwe wants to open the exchange to create a reference market that will offer competitive prices to gold miners.
“It is a holistic approach to the needs of gold miners,” he said. “They raise capital and we make it easy for them to sell.”
Zimbabwe is the second African country to seek an alliance with the DGCX after Sudan.
The International Crisis Group said in a report last year that more than $1.5-billion of gold is smuggled out of Zimbabwe every year and the bulk of it allegedly to Dubai.
Bloomberg reports that an exchange could make it easier to sell the metal legally and locally.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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