GGDMA supports government’s call to stop unlawful gold trading

2023/10/24 (Georgetown) – The Guyana Gold and Diamond Miners Association (GGDMA) stands in full
solidarity with Government’s statement of the 23rd October 2023 regarding the eradication of the unlawful
trading of gold in our country. Earlier this year, in August 2023, the GGDMA issued a statement calling for
the complete removal of illegal buyers, sellers and illegal operators in the gold sector; for them to be dealt
with to the fullest extent of the law and completely wiped out from the mining sector of Guyana. We are
heartened at this statement as it is our hope that these public utterances are indeed followed by requisite
action by the relevant agencies to bring violators to heel.

We wish to strongly advise our membership to follow the law and to ensure that you are not party to these
illicit acts that are destroying the goodwill of the sector and miniaturizing the essential role the gold and
diamond mining sector plays in national development. WE WILL NOT DEFEND ANY PERSON or ENTITY,
member or not, found to be legally culpable for misconduct of this nature. Extra money on an ounce of
undeclared gold is not worth losing your ability to ply your trade or the serious damage it is doing to the
industry. To our members and the mining community at large, we emphasize that regulations relating to
the buying and selling of gold are in place to protect our livelihood, the legitimacy of our operations, the
economy of our nation, and the reputation of our industry on a global scale. Compliance should not be
viewed as a burden but as a crucial responsibility we all share. We implore all miners to refrain from
engaging with entities that do not hold the necessary legal permits and credentials for gold trading. When
selling your gold, ensure that you get a receipt and continuously check with the Guyana Gold Board to
reconcile your records to make certain that the gold you have sold to the relevant trader or dealer is
correctly recorded at the Gold Board and that the correct amount of gold has been declared and the
relevant royalties and taxes have been remitted on your behalf.
While we encourage strong action to be taken against operators who are selling to illicit buyers, particularly
potent action must be taken against the multitude of illegal buyers of gold that are replete around the
various mining districts as well as even in Georgetown. Not every location with a “We buy gold” sign in
the front has the legal right to do so; this blatant and shameless illegality must be rooted out from our
society and the sector. As long as these illicit buyers exist, they will have an unfair advantage against legal
buyers who follow the law and deduct the relevant taxes and royalties; removal of the illicit buyers means
that more gold will go to the legal buyers and hence reflected at the Gold Board. We implore the relevant
agencies to do everything legally possible to curtail these illegal acts, whether perpetrated by local or
foreign entities. The GGDMA will continue to engage the government and other stakeholders to facilitate
an open dialogue aimed at addressing systemic issues, proposing improvements, and ensuring transparent
communication channels for the betterment of our industry.