The launch of the market comes barely a month after Prime Minister Kassim Majaliwa launched the international gold bullion in Geita where he ordered all mineral-producing regions to set up government-controlled trading centres by the end of June.
“Make well use of this market, the inauguration of this centre proves that we have enough minerals to sell,” RC Gambo told the traders.
He noted that the trading centres will give small-scale miners direct access to a formal, regulated market where they can go and directly trade their gold. They currently struggle to access formal gold dealers who mostly are based in Dar es Salaam and major towns.
He also urged all traders coming outside the country to ensure that they adhere to the country’s laws by having all the required documents on their hands.
For his part, Longido district commissioner Frank Mwaisumbe said the market was set not only for the district’s residents but for traders and buyers from across the region and the country.
Rahim Mollel, of Mundarara ruby mining said that the inauguration of the market will open door for international buyers to enter the region something which will bring huge benefits to local traders and the country’s economy as a whole.
For his part, the Tanzania Revenue Authority (TRA) manager for Arusha region Faustine Mdessa reminded all those who wants to enter into mineral business to ensure that they register with the authority in order to be recognised legally.
Speaking during the launch of the Geita Gold Market in March, this year PM Majaliwa said “All mineral-producing regions should set up these trading centres as soon as possible to serve small miners.”
The Premier said the Geita centre would serve as a model for others adding that all the centres to be built were aimed at controlling smuggling of gold and other minerals.
Reports cites Tanzania as the Africa’s fourth-biggest gold producer after South Africa, Ghana and Mali and gold exports are a key source of foreign exchange.
It exported gold worth $1.549 billion last year, up slightly from $1.541 billion in 2017, central bank data shows.
The mining sector contributes around 4.8 percent to Tanzania’s gross domestic product (GDP), according to the government.