Section 9 (1) of the Guyana Gold Board Act Chapter 66:01 empowers the Guyana Gold Board to authorise Applicants to have in their possession, or to sell or export such quantity of gold as the Board may allow, subject to any conditions the Board thinks fit to impose. This authority is referred to as an Authorisation to Possess, Sell or Export Gold (Gold Dealer’s Licence). The Standard Operating Procedure for Issuing Gold Dealer’s Licence outlines the procedures for issuing the Authorisation to Possess, Sell or Export Gold. Applicants are encouraged to read this document to familiarise themselves with the procedure.
Applicants, when authorised, are referred to as Licensed Gold Dealers and are regulated by GGB under the Guyana Gold Board Act and the Guyana Gold Board (Dealers) Regulations 4 of 1997, both of which set out the requirements for an Applicant to become a Licensed Gold Dealer. Additionally, the Authorisation is subject to several conditions which guide the Dealers on their obligations to GGB both as their licensing and regulatory authority.
All persons desirous of obtaining an Authorisation must complete an Application Form (Registered Business, Partnership or Company) for an Authorisation to Possess, Sell or Export Gold and submit the necessary supporting documentation. Applicants are assessed by the “fit & proper” criteria as outlined in Section 9B of the Guyana Gold Board Act and are required to fill and submit the Fit and Proper Form together with the Application Form.
An application for an Authorisation to Possess, Sell or Export Gold, which has been approved by the Guyana Gold Board, includes a processing fee of $75,000.00 (Seventy-Five Thousand Dollars), licence fee of $3,000,000.00 (Three Million Dollars) and for new Applicants, a security deposit of 10 (ten) ounces of gold or the equivalent multiplied by the first fix of the year in which the application is made, payable before issuance of the Authorization. Once issued, an Authorization is valid until December 31st of the year in which it was issued.