No evidence of smuggled Venezuela gold in domestic trading system

May 26, 2021 News

…but Gold Board suspends business with ‘suspect’ private dealer — VP Jagdeo

There is no evidence that gold is being smuggled into this country from neighbouring Venezuela and sold to the Guyana Gold Board by a private dealer, according to Vice President, Bharrat Jagdeo. The administration has nonetheless suspended trading with the ‘suspect’ local dealer, pending investigations.
The position was confirmed at the end of the last week, when the VP provided an update on the allegations that had been raised and the decision by the Guyana Gold Board during his press conference last Friday.
To this end, the Vice President, Dr. Jagdeo told media operatives, “There was a claim that gold from Venezuela was coming in… we’ve found no evidence of that.”
He disclosed nonetheless, that the administration has suspended any trading with the ‘suspect’ gold dealer in the interim.
Natural Resources Minister, Vickram Bharrat, in October last, had reported that there is evidence to support that Guyana’s gold, which may be illegally mined, is being smuggled to neighbouring countries. He had related concerns too, in relation to the mixing of gold smuggled from Venezuela with Guyana’s gold.
“As it is now, there is no substantial evidence to point to gold coming across the border from Venezuela. If you ask me, there is enough evidence to support the otherwise – that Guyana’s gold is leaving our borders and going to Brazil and Venezuela,” he said.
There are also concerns that the gold may have been obtained through illegal mining activities conducted by both foreign and local individuals. Minister Bharrat acknowledged that there is no “solid way” of differentiating between Guyana’s and Venezuela’s gold.
Several local agencies, including the Guyana Gold Board, the Guyana Geology and Mines Commission (GGMC) and the Guyana Gold & Diamond Miners Association (GGDMA) are investigating the matter. The Gold Board, in particular, is reviewing previous declarations and other information they have on dealers.

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