Zimbabwe’s Fidelity Gold Refinery (FGR) used the 2025 Dubai Precious Metals Conference to present major reforms aimed at improving transparency, traceability and compliance across the country’s gold value chain, in an effort to boost Zimbabwe’s credibility in international bullion markets.
Speaking at the conference, FGR General Manager, Peter Magaramombe outlined how the country’s refining sector is aligning with global responsible-sourcing standards. He highlighted reforms centred on transparency, risk management and OECD-compliant due diligence, describing them as part of a broader drive to modernise the sector and build confidence in the provenance of Zimbabwean gold.
“The FGR Board has approved a new Responsible Sourcing and Supply Chain Management Policy, now available on the refinery’s website. The policy reinforces the company’s commitment to meeting international compliance expectations and raising governance standards throughout the national gold supply chain,” he said.
As global bullion markets tighten requirements on proof of provenance, growing scrutiny around illicit trade, conflict funding and ESG compliance has pushed major trading hubs such as Dubai to demand verifiable documentation from all upstream suppliers. For Zimbabwe, demonstrating a clean and traceable gold supply chain is crucial to safeguard export markets and remain competitive.
To meet these expectations, FGR said it also introduced several measures.
“In partnership with Commstack, the refinery has deployed a blockchain-based system that tracks gold from the mine to the market, creating tamper-proof digital records that strengthen verification and limit opportunities for illicit flows.
“The refinery has also established a fully-fledged Compliance Department led by a Senior Compliance Officer,” he said.
As part of its due diligence, FGR has also assessed all upstream suppliers for risks including conflict financing, human rights violations and regulatory breaches.
“These assessments feed into an institutional risk register, classifying suppliers as low, medium or high risk. Mitigation actions are guided by an enterprise-wide risk management framework and include mandatory customer due diligence, verification of source of funds, proof of mining rights, strict anti-money-laundering procedures and detailed client profiling before onboarding.”
He added that the FGR’s compliance framework is regularly scrutinised through annual inspections by the Financial Intelligence Unit and periodic reviews by external assurance providers, which have consistently returned positive results. The refinery has also incorporated supply chain due diligence into its annual ESG and sustainability reporting to further strengthen transparency.
Magaramombe said the reforms collectively position FGR to meet global market requirements by prioritising accountability and traceability, which are key steps in reinforcing international confidence in Zimbabwean gold.
Held under the theme “The Future of Precious Metals: Tariffs, Tokenisation and Trade Flows,” this year’s Dubai Precious Metals Conference brought together industry leaders, policymakers, financiers and technology specialists.
