See full statement from the Guyana Geology and Mines Commission (GGMC):
The Guyana Geology and Mines Commission (GGMC) hereby advises all goldsmiths, jewellers, and individuals engaged in the purchase of gold, that ALL gold used in the process of jewellery making and/or goldsmith operations must be exclusively bought from the Guyana Gold Board (GGB), which is the only entity authorized to sell gold within Guyana.
In keeping with Section 8 of the Guyana Gold Board Act, it is illegal for any person to sell any gold to a goldsmith or jeweller, or for a goldsmith or jeweller to purchase any gold from any person/entity other than the Guyana Gold Board.
Section 58 of the Tax Act guides that by way of an application to the GGMC for a Goldsmith’s Licence, the gold for the purpose of the business must be bought from the Guyana Gold Board.
Section 58 of the Tax Act also imposes on licenced Goldsmiths, specific reporting obligations to GGMC within seven (7) days of every month:
1. the quantity of gold purchased during the month in question;
2. the quantity of gold used during the said month in question;
3. the quantity of gold on hand on the last day of the said month;
4. the name and address of every person from whom the gold is bought.
The GGMC will be embarking on a countrywide enforcement exercise to ensure that all goldsmiths and/or jewellers abide by the legal and reporting requirements as stipulated by law.
For further guidance or clarification regarding the correct procedures for the purchase of gold, reporting of any suspicious gold trading activities, or to regularise current goldsmith and/or jeweller operations, please contact the Commissioner, Guyana Geology & Mines Commission or the Ministry of Natural Resources.
