Value of Gold Smuggled Out of Zimbabwe Each Month

The Minerals Marketing Corporation of Zimbabwe reported in May 2013 that up to $50 Million worth of gold was being illegally smuggled out of Zimbabwe each month.

The gold is believed to be smuggled to South Africa where it is refined on its way to Switzerland. The cost to refine the gold in South Africa is cheaper than in Zimbabwe.

Source:  Kudzai Chimhangwa, “Zimbabwe losing millions to gold smuggling: MMCZ,” Standard, May 26, 2013.