The Ministry of Natural Resources has issued a stern warning to individuals and entities involved in the illegal purchase of gold, announcing that anyone caught buying gold without a valid license will face prosecution. This decisive move comes amid growing concerns over a widening gap between reported gold production and official declarations, raising red flags about rampant illicit trade in the sector.
According to the Ministry, only those holding a valid gold dealer’s license from the Guyana Gold Board or a trader’s license from the Guyana Geology and Mines Commission are legally permitted to purchase gold. Applications for new or renewed licenses do not grant interim authority to conduct gold trading, and all pending applicants must await formal approval before engaging in any transactions.
The crackdown follows a recent analysis revealing a significant discrepancy between gold mined and gold declared to the authorities. The Ministry has attributed this gap to illegal trading and smuggling, which not only undermines government revenue but also threatens the integrity of the mining industry.
Enforcement agencies have been mobilized to ensure compliance, and investigations are underway to identify and prosecute violators. The Ministry emphasized that those found guilty of illegal gold trading will be prosecuted to the full extent of the law. Additionally, miners and operators who sell gold to unlicensed buyers risk losing their mining tenures and may face bans from the sector.
The Guyana Gold and Diamond Miners Association has voiced strong support for the government’s stance, urging its members to comply with regulations and warning that it will not defend anyone found culpable of illegal activities. The Association highlighted the importance of channeling all gold sales through licensed dealers or directly to the Guyana Gold Board, noting that compliance protects both the industry’s reputation and the national economy.
The government’s renewed vigilance is part of a broader effort to root out illegal buyers and restore transparency in the gold sector. Officials have called on the public to report suspicious gold trading activities and reaffirmed their commitment to upholding the rule of law in Guyana’s mineral resource industries.
As investigations continue, the Ministry has made it clear: unauthorized gold trading will not be tolerated, and all offenders will face swift and decisive legal consequences.
