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Compliance, partnerships necessary to better the gold industry

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The Ministry of Natural Resources held an engagement with goldsmiths, jewellers, and overall licensed gold buyers to remind them about the rules and regulations when selling and purchasing gold.

The engagement on Tuesday was also to listen to the concerns that are affecting them so that the industry can become better.

Minister of Natural Resources, Vickram Bharrat

It was attended by the Ministry’s stakeholders including the Guyana Gold Board and the Guyana Geology and Mines Commission (GGMC).

Minister of Natural Resources, Vickram Bharrat stressed that such engagement is important since it fosters a better working relationship with the government and these private sellers in ensuring a safe gold industry.

“We have to develop what we plan to do, and that is to develop more of a working relationship with the jewellers and the goldsmiths throughout the entire country. And so, we have to ensure that there is compliance and that the consumers get their money’s worth,” the minister stated.

One of the gold traders voicing his concern during the engagement

Some of the issues include the decentralisation of the GGB services and the safety of purchasing gold. It also dealt with the quality and quantity of gold that is being sold.

In response to these matters, the minister noted that they will look into scheduling various dates in the regions for the GGB to visit. He also said the officials will look at how they can make it easier for persons to purchase the material in a much safer manner.

The minister reminded the attendees that the GGB is the only entity from which gold should be bought. He urged the gold personnel to adhere to all the rules and regulations.

Some of the goldsmiths, jewelers, and licensed gold buyers at the engagement

“When you apply for your goldsmith license you knew of all the conditions that existed. You were granted that license or permit based on what existed and that is what you accepted,” Minister Bharrat posited.

According to the minister, the more the traders are compliant, the better the gold industry will function.

“So, this is all part of the collaboration that we want and to start building that relationship where we open a line of communication between and among the ministry, Guyana Gold Board, GGMC, and you the jewellers,” the natural resources minister stressed.

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