Itai Mazire
Zimbabwe’s gold deliveries rebounded sharply in April, rising 16.5 percent to 3,324.6 kilograms (kg) from March’s slump of 2,854kg, driven by a resurgence from artisanal miners.
However, the recovery masks a deeper, more worrying trend-total deliveries are still 6.1 percent down compared to April last year, raising fresh concerns about the sustainability of the sector’s record-breaking growth.
“The main engine of the recovery was the artisanal and small-scale (ASM) sector, which accounts for roughly 75 percent of the country’s gold output. ASM deliveries surged 20.7 percent month-on-month to 2,110.7kg, shaking off a weak March when policy missteps and seasonal rains had stifled activity. Large-scale miners also recorded gains, delivering 1,213.9kg, up 9.8 percent from March,” stated the Zimbabwe’ economic review in a statement.
But beneath the headline recovery lies a volatile reality: ASM deliveries have collapsed 27.9 percent year-on-year, underscoring the fragility of a sector now grappling with formalisation pressures, payment disruptions and persistent smuggling.
Large-scale miners, by contrast, have strengthened their position, delivering 22.6 percent more gold than a year ago, signalling that formal mines are finally stabilising after years of underinvestment.
Zimbabwe’s artisanal and small-scale mining sector has emerged as the unlikely engine of the nation’s gold economy, delivering 34.9 tonnes in 2025, nearly 75 percent of the country’s record output of 46.7 tonnes.
This surge transformed gold into Zimbabwe’s dominant export, generating over US$3.2 billion in 2025 alone and accounting for roughly 14.5% of GDP and 76% of total export earnings.
But beneath these impressive numbers lies a sector on shaky ground.
Approximately 85 percent of ASM operators remain unregistered, with over one million miners operating outside formal structures.
Persistent gold smuggling, estimated at over USD 1.5 billion annually, continues to bleed the Treasury of desperately-needed revenue.