The Monetary and Financial Policy and Regulation Board (JPRFM) and the Central Bank of Ecuador (BCE) commemorated, this Friday, the tenth anniversary of the Gold Marketing Program, which since 2016 has purchased more than 9.8 metric tons of gold from artisanal and small-scale mining (ASM), for a total of USD 573 million.
“Today, artisanal and small-scale mining finds in the BCE an institutional ally that offers transparent conditions, competitive prices, and a reliable marketing mechanism. We are not only purchasing gold; we are building trust. We are not only strengthening reserves; we are strengthening communities. We are not only conducting financial transactions; we are creating opportunities for thousands of Ecuadorian families,” highlighted Gustavo Camacho Dávila, President of the JPRFM, during his remarks.
Producers receive a fair payment aligned with the international market price through a direct bank transfer to their accounts within a maximum period of 48 hours. This swift and transparent process is supported by technical and environmental verification procedures that certify the origin of the gold, allowing the efforts of local miners to be transformed into reserves that strengthen the country’s economy.
During the event, the panel “A Decade of Building Trust: Gold Marketing from Artisanal and Small-Scale Mining and Its Contribution to Sustainable Development” was held to discuss the program’s progress, the challenges of mining formalization, and the importance of promoting responsible supply chains.
Participants included Christian Sieber, Global Director of Swiss Better Gold; Erika Bermeo, National Coordinator of planetGOLD Ecuador; Fernando Carrión, General Manager of Agroindustrial El Corazón; and Andreina Zarabia, General Manager of Condormining Corporation. The event also featured a technical presentation on how the program operates and the unveiling of a commemorative plaque.
Since its first purchase, carried out on June 13, 2016, the BCE has conducted transactions with 192 participants involved in the artisanal and small-scale mining supply chain: 144 small-scale miners, 24 artisanal miners, and 24 authorized traders.
In 2025, purchases amounted to USD 73.3 million, representing 8.44% of the value of small-scale mining exports, compared with 4.90% in 2024. This result reflects the BCE’s increased participation in the formal marketing of gold.
The program has also expanded its presence in the country’s main mining areas. In addition to the Quito office, a purchasing point was established in Machala in 2018, followed by a new office in Zamora in 2026.
The gold acquired is converted into an asset that strengthens the country’s international reserves. As of April 2026, Ecuador’s International Reserves amounted to USD 11.513 billion, of which USD 3.812 billion corresponded to monetary gold, equivalent to 33.11% of the total.
The program received the international “Initiative of the Year” award at the Central Banking Awards for its contribution to the responsible marketing of gold and the strengthening of reserve assets.
It also incorporated the London Principles, implemented a Quality Management System under ISO 9001:2015, and established partnerships with Swiss Better Gold, planetGOLD, the Alliance for Responsible Mining, and Duke University. These partnerships help strengthen traceability, promote sustainable best practices, and provide access to technical assistance for local miners.
Through this program, the BCE reaffirms its commitment to continuous improvement and its role as a national and international pioneer in the responsible marketing of gold, focusing on expanding its presence throughout the country, actively integrating more producers, and applying technological innovation to consolidate the highest standards in the sector.
Strategic Communications Sub-Directorate
