GGMC plans to improve diamond declarations in 2018

Dec 22, 2017 News

– several scheduled investigations planned

As part of efforts to boost declarations in 2018, the Guyana Geologies and Mines Commission (GGMC) plans to step up monitoring diamond miners to ensure compliance to the Kimberly Process Certification Scheme (KPCS) for exports.
Minister within the Ministry of Natural Resources, Simona Broomes, shared with Kaieteur News that $27 million has been allocated to implement monitoring plans, including scheduled investigations to provide the current disposition of diamond operations.
Broomes said that the investigations are expected to corroborate the declarations of diamonds for export certification with a view of improving declarations by up to 50 percent.
Earlier this year, Cabinet approved the Ministry of Natural Resources to engage the expertise of a legal consultant on the KPCS used to certify diamonds.
The KPCS was launched in 2003 in a bid to clean up the international diamond trade after it was recognised that diamonds were being used to finance war and terrorism.
Minister Harmon said the KPCS is important for preventing “conflict diamonds” from infiltrating Guyana’s local production, which could affect the country’s production credibility on the international market.
Some $675 million has been set aside for the purpose of identifying and mapping poorly mapped areas of the mining districts and to conduct diamond exploration projects.

Minister within the Ministry of Natural Resources Simona Broomes

Broomes noted that this is expected to realize the deployment of 18 geological and geochemical mapping projects to identify anomalous areas and to provide credible data for the promotion of large scale investment in mining for gold, platinum group elements and rare earths.
Minister of Finance, Winston Jordan, has noted that the gold and diamond industry has been making a valuable contribution to Gross Domestic Product, income, export earnings and employment. Government has enabled small and medium scale miners to benefit from tax concessions on machinery, equipment and fuel; and waiver and remission of taxes on vehicles, based on gold declarations. For 2016, a total of $47.6 million in taxes was waived on motor vehicles, while, by October 2017, such waivers have amounted to $64.4 million for personal motor vehicles and $188 million for fuel.
Many operators in the sector have been approved to hold foreign exchange retention accounts; instead of the 10 percent, they have been allowed unlimited retention of foreign exchange to purchase mining equipment.
There has been a relentless pursuit of smugglers by multiple agencies, including the Federal Bureau of Investigation (FBI). This has been helping to propel the mining sector to record declarations.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News