With increasing reports of gold smuggling, the Ministry of Natural Resources today met with jewelers and goldsmiths in the city, as part of a new attempt to streamline the gold industry, and bring operators in line with the laws governing the sector.  

Under the Guyana Gold Board Act, jewelers and goldsmiths are required to be licensed by the Guyana Geology and Mines Commission (GGMC), and to purchase all of their gold from the Guyana Gold Board.

However, at today’s meeting, it was realised that only a “handful” of the jewelers and goldsmiths are in compliant with the laws governing the industry.

Minister of Natural Resources, Vickram Bharrat, said his Ministry along with the GGMC and the Gold Board, is prepared to work with the jewelers and goldsmiths to bring them in conformity with the laws governing the industry. 

“So, the idea behind meeting with you is to start a relationship that we can build on, a relationship that we can work together to ensure that one, there is proper compliance; two, that the consumers can get their money’s worth, what they are deserving of; and three; that we that we work together in not only building out this industry but also the growing Tourism Sector that we are building out now in Guyana,” the Natural Resources Minister told those present. 

Minister Bharrat said the Government has been working over the past three-to-four years, to get miners to declare all of their gold. He said getting miners to do that remains a challenge.

However, the Minister told the jewelers and goldsmiths that they can play their part, by purchasing gold only from the Gold Board as required by Law. 

“All goldsmith, jewelers, must or shall purchase gold from the Guyana Gold Board. Now, to date, I don’t think everybody is in compliant with that. That is the law, that is not me making a policy overnight, that is not me giving a new directive, that is in the law, that all the gold used for jewelry making must be purchased from the Guyana Gold Board,” Minister Bharrat said. 

He said jewelers and goldsmiths, in justifying their reason for not purchasing gold from the Gold Board, have pointed to the issues of availability, and that of quality. But those issues, the Minister said, are being addressed.

A case was also been made for the gold board to be decentralized and have branches established in every region but Minister Bharrat said that is simply not practical at this point.

 “When you applied, when you submitted your application to us for your gold smith license that you knew of all the conditions that exist at that point in time. You were granted a licence or permit based on the conditions that existed and you accepted, that is why you applied, and you knew that gold were to be purchased from the Guyana Gold Board,” he said. 

It was also noted that the industry has been rocked by reports of large-scale gold smuggling.

In one recent case, an attempt was made by three persons to smuggle US$500,000 worth of gold jewellery through the Cheddi Jagan Airport.

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