GGDMA supports Govt.’s clampdown on illegal gold trading

Oct 26, 2023 News

Kaieteur News – The Guyana Gold and Diamond Miners Association (GGDMA) released a press statement on Wednesday, expressing its full support for the government’s recent stance on eliminating the illicit gold trade within Guyana.

Back in August 2023, the GGDMA issued a resolute statement advocating for the complete eradication of illegal buyers, sellers, and operators in the gold sector. They called for these offenders to face the full extent of the law, aiming to completely eliminate their presence from Guyana’s mining industry.

On Monday, the government’s statement, which followed a recent analysis, revealed a significant disparity between gold production and its proper declaration and sale to licensed dealers, traders, and the Guyana Gold Board. It stated that an investigation had been initiated to bring those involved in such actions to justice.

GGDMA responded to this by stating, “We are encouraged by this announcement, and we hope these public declarations will be backed by appropriate actions from relevant authorities to hold wrongdoers accountable.”

In the same statement, GGDMA urged its members to strictly adhere to the law, emphasizing the importance of distancing themselves from illicit activities that harm the sector’s reputation and diminish its vital role in national development. They made it clear that they would not defend any individuals or entities found legally responsible for such misconduct.

GGDMA underscored the significance of adhering to regulations concerning the buying and selling of gold, as they are in place to safeguard the industry, its legitimacy, the nation’s economy, and its global reputation.

The organization also stressed that compliance should be seen not as a burden but as a shared responsibility. Miners were encouraged to refrain from engaging with entities lacking the necessary legal permits and credentials for gold trading.

Furthermore, GGDMA suggested that when selling gold, miners should ensure they receive a receipt and periodically cross-check with the Guyana Gold Board to verify that their gold sales are accurately recorded and the relevant taxes and royalties have been properly remitted.

GGDMA acknowledged the need for stringent action against those selling gold to illegal buyers, particularly the numerous illicit gold buyers scattered throughout various mining districts, including Georgetown. They called for the removal of these illegal buyers to level the playing field for legitimate buyers who adhere to the law and fulfill their tax obligations.

The organization committed to continued engagement with the government and other stakeholders, fostering open dialogue to address systemic issues, propose improvements, and establish transparent communication channels to enhance the industry’s prospects.

clampdown, gold, Guyana Gold and Diamond Miners Association (GGDMA), Guyana Gold Board, illegal

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GGDMA supports Govt.’s clampdown on illegal gold trading

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