Indian gold merchant invests in Zimbabwe sector

Indian gold merchant invests in Zimbabwe sector
Published: 23 August 2019 (161 Views)
AN Indian businessman and gold buyer has channelled an initial US$500 000 into the gold sector in Zimbabwe and plans to pour in millions of dollars in further investment in the mining industry.  

Universal Exim, a company from Rajkot in India, has already set up shop in Bulawayo and is trading as Sparkplug Investments.

In an interview, the director of Sparkplug Investments, Dr Dipak Hindocha, said gold buying was a short term investment as his long term vision was to invest in gold mining in Zimbabwe.

"I have been granted a licence to buy and sell gold in Zimbabwe. So, I am pouring in US$500 000. I want to be the biggest buyer of gold in Zimbabwe but like many investors you start with a low figure and increase it as time goes by.

"This is just a start, I know Zimbabwe is blessed with a lot of gold but I thought as a new investor with little knowledge of Zimbabwe I should start as a gold buyer and seller before I invest in mines," he said.  

"This strategy will allow me to study the Zimbabwe gold industry and when I have studied it to my satisfaction I will then invest millions into gold mining."

Dr Hindocha said he decided to invest in Zimbabwe after the Deputy Minister of Industry and Commerce, Raj Modi, visited India last year with good tidings about investment opportunities available in Zimbabwe.

"Your Deputy Minister convinced not only me but others to invest in Zimbabwe and more are coming. This country is peaceful and the crime rate is low. One only has come to Zimbabwe to see that the negative media reports about Zimbabwe are false," said Dr Hindocha.

The Indian businessman commended Government's economic reforms and said these were necessary for the economy to recover.

Said Dr Hindocha: "India went through what Zimbabwe is going through now, there was economic turmoil and the government had to implement painful reforms and today it is one of the biggest economies in the world. It is only a matter of time before Zimbabwe recovers".

Deputy Minister Modi expressed confidence that more investors from India were interested in Zimbabwe's precious metals and are coming to invest.

"Many Indian investors have inquired about buying minerals from Zimbabwe but some want to open mines or to invest in existing mines from the go. As Government our job is to ensure that all investments from investors who come to Zimbabwe are protected and we are doing that. Our economic reforms are bearing fruits as many foreign investors are interested in investing in our country," he said.

- chroncle

Tags: Gold, India, Investor,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

BREAKING: MIssing Zimbabwe doctor found alive

by Staff Reporter | 19 September 2019 | 319 Views

Matebeleland livestock situation dire

by Staff reporter | 19 September 2019 | 101 Views

'Blanket ban on demos, unconstitutional'

by Staff reporter | 19 September 2019 | 124 Views

Grace Mugabe to make a graceful exit from politics?

by Mandla Tshuma | 19 September 2019 | 206 Views

Bulawayo resumes 48-hour water-shedding regime

by BCC | 19 September 2019 | 115 Views

Mnangagwa's advisors clash over EcoCash

by Staff reporter | 19 September 2019 | 148 Views

Harare gets financial lifeline, what about Bulawayo Prpf Mthuli Ncube

by Staff reporter | 19 September 2019 | 107 Views

NRZ to bring 100,000 tons of maize from Tanzania

by Bloomberg | 19 September 2019 | 90 Views

Zimbabwe to set up billion dollar oil, gas refinery

by Staff reporter | 19 September 2019 | 118 Views

#BringBackDrPeter

by Kubatana | 19 September 2019 | 70 Views

6 traditional questions stalling Mugabe's burial

by AFP | 19 September 2019 | 105 Views

China keen to invest in solar power in Zimbabwe

by Staff reporter | 19 September 2019 | 97 Views

Shawasha Business Complex construction hits a snag

by Staff reporter | 19 September 2019 | 127 Views

Chamisa lines up anti-Mnangagwa protests in New York

by Staff reporter | 19 September 2019 | 122 Views

Zimbabwe needs urgent Cabinet reshuffle

by Justice Zivai Mukupe | 19 September 2019 | 138 Views

Chitembwe's Harare City fail to stop the Green Machine

by Staff reporter | 19 September 2019 | 133 Views

Zimbabwean queen wins Miss Tourism Global crown

by Staff reporter | 19 September 2019 | 79 Views

Mujuru's estate sues tenant

by Staff reporter | 19 September 2019 | 82 Views

Man murders girlfriend, stabs friend

by Staff reporter | 19 September 2019 | 71 Views

Mugabe was a complex man, said Bona

by ZimLive | 19 September 2019 | 92 Views

2 women fined for illegal possession of a gun

by Staff reporter | 19 September 2019 | 72 Views

Highlanders Football Club and Ndebele identity amongst fans in Zimbabwe

by Tobias Guzura & Jefferson Ndimande | 19 September 2019 | 83 Views

Doctors march to parliament

by Reuters | 19 September 2019 | 87 Views

Janet Manyowa arrives ahead of Friends in Christ gospel extravaganza

by Tidi Kwidini | 19 September 2019 | 68 Views

MDC conspiracy exposed

by Claver Nyuki | 19 September 2019 | 107 Views

Of illegal sanctions and global politics

by Peacemaker Zano | 19 September 2019 | 79 Views

WATCH: Bona's moving tribute to Mugabe

by Staff reporter | 19 September 2019 | 87 Views

Nomadic Dutch coach for Bosso

by Staff reporter | 19 September 2019 | 65 Views

Chamisa's MDC takes police head-on

by Staff reporter | 19 September 2019 | 88 Views

Cyclone Idai food donations rotting in warehouses

by Staff reporter | 19 September 2019 | 66 Views

High Court allows doctors' march

by Staff reporter | 19 September 2019 | 68 Views

Speaking ill of the dead? The uncertain legacy of Robert Mugabe

by Tinashe Nyamunda | 19 September 2019 | 73 Views

When a government starts abducting its own doctors…

by Knowledge Hakata | 19 September 2019 | 130 Views

Magombeyi's abduction requires a firm 'Jamal Khashoggi-style' solidarity response

by Tendai Ruben Mbofana | 19 September 2019 | 147 Views

Linda Masarira on Peters Magombeyi's disappearance

by L D Mungwari | 19 September 2019 | 172 Views

Zanu-PF commends ANC for memorial

by Staff reporter | 19 September 2019 | 112 Views

Mavhunga's family shuns Heroes Acre

by Staff reporter | 19 September 2019 | 162 Views

Zivhu defies party directive

by Staff reporter | 19 September 2019 | 180 Views