Authority to Barter Gold

Section 9(2) the Guyana Gold Board Act, Cap. 66:01 authorizes any person holding a licence issued by the Guyana Geology and Mines Commission (GGMC) under Section 58 of the Tax Act, Cap. 80:01 to advance or supply credit to a miner in exchange for repayment in the form of gold or precious stones.

This authority is subject to the following conditions:

• The licensee (referred to as a Licensed Trader) must notify the Guyana Gold Board within ten (10) days of receipt of any gold.

• Upon demand, the licensee must sell to the Board all gold so received.

• The licensee is required to maintain a transaction record book documenting the money or goods advanced and the corresponding gold received in payment.

These records must be made available for inspection by the Guyana Gold Board.

Authority to Purchase Gold

Pursuant to Section 10 of the Guyana Gold Board Act, any person referred to in Section 9(2) who holds a valid License to Trade in Valuable Minerals and Precious Stones is authorised to purchase gold, subject to the following conditions:

• The licensee must notify the Guyana Gold Board within fourteen (14) days of any such purchase.

• Upon demand, the licensee must sell the gold to the Board at the price fixed under Section 5 of the Act.

• The licensee is required to maintain a transaction record book documenting the gold purchased.

For additional guidance or clarification on submitting records, Licensed Traders may contact the Compliance Department through WhatsApp at +592 703-8627 or by telephone at (+592) 225-3139, extensions 13 or 22.