Licensed Traders

Authority to Purchase/Barter Gold
Section 9 (2) of the Guyana Gold Board Act Chapter 66:01 authorises 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 licensee (trader) must within ten days of receipt of the gold 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. Further, section 10 of the Guyana Gold Board Act gives authority to any person referred to in section 9 (2) who has been issued with a License to Trade in Valuable Minerals and Precious Stones, 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.

Submission of Transactions Records
The licensee referred to in Section 58 of the Tax Act is known as a Licensed 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 14-Day Extract of Traders Transactions (informally known as 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). Licensed Traders are required to record all gold transactions in the Record Book and are required to produce and submit a copy of these records when conducting business with the Guyana Gold Board and any of its licensed agents (Licensed Gold Dealers).

Alternatively, Licensed Traders can submit their gold transactions records electronically via email address in the form (14-Day Extract of Traders Transactions) prescribed below. Licensed Traders can contact the Compliance Department of the Guyana Gold Board on telephone number 225-3139 ext. 22 or 13 for more information.

Sanctions for Non-Compliance
Under section 23 of the Act, a person who fails to comply with these provisions of section 9 (2) and 10 of the Guyana Gold Board Act, may be liable on summary conviction-

  1.  to a fine of twenty-five for the first conviction;
  2.  to a fine of twenty-five thousand dollars and to imprisonment for five years, on the second or subsequent conviction. Provided that the Court may for any special reasons to be recorded in writing impose any lesser sentence, and
  3.  to the forfeiture of the gold in respect of which the offence was committed.