Gold dealers’ licences will be revoked for facilitating under-declarations

Last Updated on Sunday, 14 December 2025, 21:07 by Writer

The Ministry of Natural Resources on Saturday warned gold dealers and gold traders that they risked having their licences revoked if they are found facilitating the under declaration of gold.

“Dealers found to be facilitating undeclared gold transactions or failing to meet reporting obligations will face sanctions, including suspension or revocation of licences,” the ministry said in a statement.

The ministry also said it would intensify regulatory scrutiny of all licensed gold dealers and traders.

Those measures, the ministry said, would include stricter audits of purchasing records, verification of source declarations, and routine compliance checks to ensure adherence to licensing conditions. “These measures aim to close gaps that enable under-declaration and strengthen the integrity of the gold supply chain,” the ministry added.

The association also called on all miners to ramp up their production to help meet the national target set at 500,000 ounces for 2025.

However, well-placed sources said the gold declared to date to the Guyana Gold Board totals around 420,000 ounces and could end the year at around 450,000 to 475,000 ounces.

Last year, 434,067 ounces of gold were declared compared to 432,113 ounces in 2023.

The ministry reiterated that workers in the mining sector must not be paid in raw gold, echoing a similar call by the re-elected President of the Guyana Gold and Diamond Miners Association (GGDMA), Ronaldo Alphonso.

The natural resources ministry says all employees are to be compensated through lawful financial channels in accordance with labour laws and tax regulations.

Paying workers in gold undermines transparency, weakens declaration accuracy, and exposes workers to exploitation and unsafe practices.

The ministry says it will increase inspections to ensure compliance, and employers found violating labour and tax rules will face penalties. “We also remind miners that it is illegal for miners to allow what is commonly referred to as, the “Blai box”. Gold can only be used as transactions with approved buyers and the Guyana Gold Board.”

The ministry alerted gold miners that authorities will significantly scale up field monitoring and enforcement efforts across mining districts. These operations will target unauthorised activities and ensure compliance with environmental, safety, and production reporting requirements, the ministry added.

“Agencies under the ministry’s purview have been instructed to heighten the confiscation of equipment found to be operating without legal documentation or in prohibited areas. This initiative is part of a zero-tolerance stance on mining that undermines national regulations,” the natural resources ministry added.

The ministry says they will expand collaborative operations involving the Guyana Geology and Mines Commission (GGMC), the Guyana Police Force (GPF), the Guyana Defence Force (GDF), and other relevant agencies.

These joint efforts will focus on identifying, arresting, and prosecuting individuals and groups engaged in illegal mining.