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Gold spark

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Gold spark

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THE ROYAL BARBADOS POLICE FORCE wants to meet with the people involved in the trading of gold.
Police public relations officer Inspector David Welch said the force intended to meet with not only people who were gold traders but also those who dealt in old metal. The reason is that the commissioner wants to have a meeting with all the stakeholders involved to look at the legislation.
Welch noted that the current acts that dealt with the old metals trading were quite old and posed some challenges to the regulation of the businesses as they are today.  
“We realize that as a result of the intense trading in gold there has been an increased demand for the gold and as the level of trading has spread it appears to have influenced criminal activity where we have gold being stolen from victims, and it seems that those persons are stealing to sell the ill-gotten gain to persons trading in that commodity.
“This is not intended to cast blame or negativity to that business but we are trying to now get people in to discuss the issues and bring some responsibility to the sector.
The meeting would cover areas [such as] knowledge of regulations and hours of business.”
The two acts are the Sale of Old Metals Act of 1848, which was amended in the 1960s, while the Old Metal Dealers Act was created in 1919. The legislation deals with registration with the police and application to magistrates for permission to conduct business.
Welch said the police had framed a simple release based on the two acts and sent it to print so people could become familiar with what was in them.  
He added that there was a need for dialogue to partner the relevant stakeholders and set standards and parameters within the industry and also to educate people about the law.
Welch could not say whether the current traders were registered but pointed out they had banded together to get standards. (LK)