Stakeholders Laud Transparent Indicative Pricing System as Small Scale Output Soars
Singida
Mineral sector stakeholders in Singida Region have hailed the Singida Mineral Market as a game changer, citing significant improvements in transparency, fairness and efficiency driven by the adoption of a digital indicative pricing system.
Artisanal miners, mineral processors and traders operating in the region say the market has revolutionized mineral trade by safeguarding miners against price exploitation and quality manipulation, while strengthening trust among sector players.
Speaking at the market, a geologist from the Singida Resident Mines Office, Mbeleye David, said the establishment of the mineral market has yielded substantial benefits for small-scale miners and traders by introducing systems that protect them from fraud related to gold quality and unfair pricing.
David noted that before the establishment of mineral markets, Singida Region was recording very low volumes of officially traded mineral production between 100 and 200 grammes. However, through the operational mineral markets, the region is now coordinating between 50 and 60 kilogrammes of mineral output from small-scale miners, reflecting increased efficiency and stakeholder confidence in the system.
He explained that the government has put in place a robust indicative pricing mechanism aimed at protecting artisanal miners from selling minerals at undervalued prices.
“The market is equipped with a modern X-Ray Fluorescence (XRF) machine for testing gold purity, ensuring that minerals are traded based on accurate quality standards and their true market value,” said David.
He added that unlike in the past, when indicative prices were provided only for raw gold, the current system uses a digital display board showing indicative prices for various minerals, including gold, copper and silver an innovation that has enhanced transparency and eliminated loopholes for malpractice in mineral trade.
“This technology has streamlined market operations, including mineral valuation and the issuance of mineral transportation permits for both domestic and international markets, which are now processed faster and more efficiently,” he said.
Meanwhile, mineral trader Abubakari Omary said that despite the notable progress, continuous education on the use of indicative prices is essential for miners and traders to avoid misunderstandings and disputes during transactions.
“Education remains critical to ensure every stakeholder understands their rights and obligations and conducts business based on actual market prices,” said Omary.
Stakeholders also commended the new mineral market framework for allowing unlicensed artisanal miners to register and sell their minerals directly at the markets without being required to use a trader’s licence a move that has removed a major barrier that previously limited participation in the formal mineral trade.
Overall, the Singida Mineral Market has been described as a key driver of growth in the region’s mineral sector by enhancing transparency, improving trade security and increasing government revenue through the control and prevention of mineral smuggling.
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