Section 9(2) of the Guyana Gold Board Act Chapter 66:01 does not prohibit any person who holds a licence issued by the Geology and Mines Commission (GGMC) under section 58 of the Tax Act Chapter 80:01 from advancing or supplying credit to a miner in consideration of payment being made by gold and precious stones. Such a facility is however subject to the condition that the trader must within ten days of receipt notify the Board and on demand sell to the Board all gold so received. The licensee is required to maintain in a book, available for inspection by the Guyana Gold Board, a record of all the transactions, including the money or goods advanced and the gold received by him in payment thereof.
Additionally, section 10 of the Guyana Gold Board Act gives authority to any person referred to in section 9(1) who has been issued with a GGMC shop licence to purchase gold subject to the condition that the licensee must notify the Board of the purchase within fourteen days of the purchase and must, on demand by the Gold Board, sell to it the gold at the price fixed under section 5 of the Guyana Gold Board Act.
The licensee referred to in Section 58 of the Tax Act is known as a Trader and is usually authorised to purchase both gold and precious stones. Pursuant to section 9(2) and 10 of the Guyana Gold Board Act, GGB had instituted the Trader’s Record Book which is printed in triplicates and can be purchased from GGB’s Head Office located in Georgetown and its Branch Offices in Bartica and Port Kaituma for three thousand dollars ($3,000). Traders are required to record all gold transactions in the Record Book and when are required to produce these records when conducting business with the Guyana Gold Board and any of its licensed agents (gold dealers). Failure to comply with this requirement may result in