The Reserve Bank of Malawi (RBM) is set to hire independent assessors to review the authenticity of the gemstones and gold under its reserves.
The central bank issues two terms of references for independent assessors—one each for gemstones and gold on its official website www.rbm.mw. According to the terms of reference, assessors will determine purity levels, identify different types of gemstones and gold, and provide expert guidance on market dynamics.
In a telephone interview, RBM spokesperson Boston Banda said the central bank is taking precautions to ensure that they have accurate and updated records on the value of the quality and gemstones at our disposal.
“Representatives from our subsidiary recently went to a trade fair in China and we got positive reports on our gemstones,” he said. “This is positive because there are concerns that there are agents out there selling synthetic gemstones.
“But we still felt we should ramp up efforts to understand the real value of our gold and gemstone reserves. ”
The Export Development Fund (EDF), a subsidiary of RBM, has been buying gemstones and gold from local artisans and their brokers.
Figures from the January 2025 issue of the Malawi Economic Monitor (MEM), a biennial publication from the World Bank, show that production of gemstones and semi-precious stones hit 793 tonnes in the 2023/24 fiscal year.
The Bretton Woods institution believes that mining gemstones and other precious resources for Malawi would help diversify exports, generate much-needed fiscal revenue.
In addition, they could spur the development of infrastructure that would benefit local communities and bolster the productivity of other economic sectors.
