Scott Kupaâ€™s Better Brands Jewellery delivers Seven Tonnes Of Gold Worth Over US$460 million

By Staff Reporter
|
100238
|
January 16, 2022

GOLD buyer, Better Brands Jewellery (BBJ), has reached a new milestone after delivering more than seven tonnes to the government last year, in a haul worth nearly US$ 460 million.

The total deliveries to Fidelity Printers and Refiners (FPR) was 10 times more than BBJ’s total haul in 2020, where it delivered 800kg of the precious mineral.

BBJ director and chairperson of the Gold Buyers Association (GBA), Pedzisai “Scott” Sakupwanya said the record deliveries for 2021 were a testament of small-scale miners’ pulling power in local gold production.

“In 2020, our deliveries were 800kg. We increased that nearly tenfold in just one year. What this tell you is that as indigenous people, were have the capacity to contribute significantly to the national fiscus. With enough resources, we can run riot in terms of gold output. We can stop the gold leakages that continue to plague the country,” Sakupwanya said.

“We need to show that we can do better than the foreigners. There has been a lot of leakages in the manner the gold has been traded.

“The foreign trade has made us lose huge amounts of money. Our deliveries are a testimony of how small- scale miners remain critical to benefitting the country.

“We were able to generate more than US$400 million and this money remains in the country. Gold brings much-needed foreign currency to the country. On the evidence of our deliveries, you can see that there is scope to do more.

“We should be targeting delivering 50 tonnes to FPR this year instead of the overall 27 tonnes that were delivered this year,” Sakupwanya further said.

Sakupwanya lauded the government’s incentives, which he said had made the GBA compete favourably against private unscrupulous buyers who were allegedly fuelling leakages.

“We would like to thank the President and the government for giving us the opportunity to mobilise gold. The results are beginning to show. We have proved our capacity and muscle as evidenced by the 7,8 tonnes we delivered to Fidelity Printers and Refiners,” Sakupwanya added.

The BBJ proprietor also said he had finalised a US$60 million deal to capacitate small-scale miners to increase gold output.

“On our part as BBJ, we are empowering some of these miners by buying them equipment, which would in turn, help them increase their output.

“As a company, we remain honoured and challenged by President Mnangagwa’s empowerment programmes, and mining sector targets, hence our singular efforts to contribute towards that 2023 vision.

“The president has shown trust in youth and we hope to create further opportunities for youth from our activities and empower them.

“We have also been boosted by the setting up of the gold buying centres in all the provinces as these developments have seen us going toe-to-toe with the black market.

“These gold buying centres are part of the solid and recognisable structures that will further help us deliver more gold to the government.

“They enhance monitoring and coordination of licensed players’ activities,” Sakupwanya further told the Daily News On Sunday.

This comes as the Reserve Bank of Zimbabwe (RBZ) was expecting an increase in gold deliveries to the FPR last year.

The governor of the RBZ, John Mangudya, said the government was expecting an increase in gold exports this year, amid surging gold deliveries to the FPR.

“There was a remarkable surge in gold deliveries to Fidelity Printers and Refiners (FPR) in the months of June and July 2021. June 2021 gold deliveries to FPR were 2 924.3 kg compared to 1 409.6 kg delivered in June 2020.

Similarly, gold deliveries for July 2021 stood at 2 824.6 kg compared to July 2020 deliveries of 1 406.4kg,” Mangudya said in his mid term Monetary Policy Statement.

Mangudya said small-scale gold producers contributed 52,8 percent of the total gold deliveries to FPR during the first seven months of 2021— saying this compared favourably with the 55,8 percent delivered for the same period in 2020.

Currently, gold remains the country’s largest foreign currency earner — at nearly US$1,3 billion — and while accounting for 65 percent-plus of the entire mining sector’s annual earnings.

This comes as the government says this year’s performance of the mining sector continues to encourage as the industry was expected to grow by 11 percent, buoyed by favourable international prices and expansion programmes aimed at increasing production.

It also comes as Zimbabwe aims to have a US$12 billion mining sector by 2023. On its own, the gold sector contributes 50 percent of Zimbabwe’s hard currency receipts.

Under the US$12 billion initiative, gold is expected to rake in US$4 billion annually and in as much as it remains an anchor for the country’s medium-term economic growth.

Category:
News
Financial

Info News

Business Financing Options

Supporting Entrepreneurial Growth
rn Business financing plays a crucial role in helping entrepreneurs start and expand their operations. Access to funding allows businesses to invest in equipment, hire staff, and scale effectively. Many entrepreneurs explore options such as small business loans and startup funding.

rnrn

Before securing financing, it’s important to understand repayment terms, interest rates, and eligibility requirements. A well-prepared business plan can improve approval chances and ensure responsible use of funds. Proper financial management helps businesses grow sustainably over time.

rnrn

High-Yield Savings Accounts: Where to Invest Safely and Grow Your Money

If you’re looking for a safe place to grow your money without taking big risks, a high-yield savings account is one of the smartest options available today. Unlike traditional savings accounts that offer very low interest, high-yield accounts provide better returns while still keeping your money easily accessible. For many people, they strike the perfect balance between security and growth.

rnrn

In today’s uncertain economy, more individuals are moving their money into high-interest savings accounts to protect their cash while earning passive income. Whether you’re building an emergency fund, saving for a home, or just trying to make your money work harder, understanding how these accounts work can help you make better financial decisions.

rnrn

What Is a High-Yield Savings Account?

rnrn

A high-yield savings account is a type of bank account that offers a higher interest rate compared to standard savings accounts. These accounts are typically offered by online banks, which can afford to pay better rates because they have lower operating costs than traditional brick-and-mortar banks.

rnrn

The interest you earn is usually expressed as APY (annual percentage yield), which shows how much your money can grow over time. Even a small difference in APY can significantly impact your savings in the long run.

rnrn

Why More People Are Choosing High-Yield Savings Accounts

rnrn

One of the biggest reasons people switch to high-yield savings accounts is simple: better returns without added risk. Unlike stocks or crypto investments, your money is not exposed to market volatility.

rnrn

Another major benefit is liquidity. You can access your money when you need it, making these accounts ideal for emergency funds or short-term savings goals.

rnrn

There’s also peace of mind. Most high-yield savings accounts in the U.S. are insured by the Federal Deposit Insurance Corporation (FDIC), which protects your deposits up to certain limits. This means your money remains safe even if the bank faces issues.

rnrn

How Much Can You Earn?

rnrn

The amount you earn depends on the interest rate and how much you deposit. Compared to traditional accounts that may offer almost no interest, high-yield accounts can provide significantly better returns over time.

rnrn

For example, keeping a steady balance in a high-yield account allows your money to grow through compound interest—meaning you earn interest not just on your initial deposit, but also on the interest you’ve already earned.

rnrn

While it won’t make you rich overnight, it’s one of the safest ways to grow your savings consistently.

rnrn

What to Look for in a High-Yield Savings Account

rnrn

Not all accounts are the same, so it’s important to compare your options carefully. Here are a few key things to consider:

rnrn

1. Interest Rate (APY)

rnrn

Look for competitive rates, but also check if they are variable or fixed.

rnrn

2. Fees

rnrn

Some accounts charge monthly maintenance fees that can eat into your earnings. Ideally, choose a no-fee account.

rnrn

3. Minimum Balance Requirements

rnrn

Some banks require a minimum deposit to open or maintain the account.

rnrn

4. Accessibility

rnrn

Make sure the account allows easy transfers and withdrawals when needed.

rnrn

5. Bank Reputation

rnrn

Choose a trusted bank with strong customer reviews and reliable service.

rnrn

High-Yield Savings vs Other Investment Options

rnrn

High-yield savings accounts are often compared to other ways of growing money. While they don’t offer the high returns of stocks or real estate, they provide unmatched safety.

rnrn

Stocks: Higher returns but higher risk
rnCrypto: Very volatile and unpredictable
rnReal Estate: Long-term growth but requires large capital
rnSavings Accounts: Low risk, steady growth

rnrn

For many people, a high-yield savings account is a foundation—something you use alongside other investments.

rnrn

Best Uses for a High-Yield Savings Account

rnrn

These accounts are ideal for specific financial goals:

rnrn

Emergency funds
rnShort-term savings (vacations, large purchases)
rnDown payment for a home
rnBackup cash for unexpected expenses

rnrn

Because your money is safe and accessible, it’s perfect for situations where you don’t want to take risks.

rnrn

Common Mistakes to Avoid

rnrn

One common mistake is leaving money in a low-interest account without realizing better options exist. Over time, this can cost you a significant amount in lost earnings.

rnrn

Another mistake is chasing the highest rate without checking fees or conditions. A slightly lower rate with no fees can sometimes be a better deal.

rnrn

Also, avoid treating a savings account like a checking account. Frequent withdrawals can limit your growth and may come with restrictions.

rnrn

How to Get Started

rnrn

Opening a high-yield savings account is simple. Most banks allow you to apply online in just a few minutes. You’ll need basic information such as your ID, Social Security number, and an initial deposit.

rnrn

Once your account is set up, consider automating transfers from your checking account. This helps you build your savings consistently without thinking about it.

rnrn

Final Thoughts

rnrn

A high-yield savings account is one of the easiest and safest ways to grow your money. It won’t replace high-risk investments, but it plays an important role in any smart financial strategy.

rnrn

By choosing the right account, staying consistent with your savings, and avoiding unnecessary fees, you can build a strong financial foundation over time. In a world full of risky options, sometimes the smartest move is the one that protects your money while still helping it grow.

rnrn

Financial professionals recommend using FDIC-insured banks, trusted financial institutions, and certified financial planning strategies when choosing savings accounts to ensure safety, reliability, and steady long-term growth.