While Guyana has long exported high-quality gold, the government is advancing plans to transform the nation into a world-class gold and jewellery manufacturing hub. Authorities plan to address high import duties, security risks, and constraints in financial services and logistics to help Guyana gain greater global recognition for its craftsmanship by 2030.
Speaking on the Starting Point podcast, Technical Consultant at the Ministry of Natural Resources, Dominic Gaskin said the strategy being implemented contains 15 initiatives aimed at addressing gaps and deficiencies that have hindered the industry’s development.
“What it entails is a structural transformation of the industry as we know it. It will move us to a more technology-driven, modern industry with higher productivity and obviously a significant increase in the scope and scale of activities,” the former Business Minister said.
He said one key aspect of the strategy is El Dorado Reimagined. This is the national brand under which Guyana’s gold and jewellery sector will be promoted to the world. Gaskin recalled that the official launch of the brand occurred in May, adding that it is owned by the Guyana Gold Board and administered by a programme management unit within the agency.
“The brand is not a stamp placed on individual pieces of jewellery. Instead, qualifying jewellers are licensed to market their businesses and products under Eldorado Reimagined, allowing them to benefit from wider promotion of the national brand,” said the consultant. Gaskin said the licensing process has begun and several goldsmiths have applied.
Another critical component of the strategy speaks to security issues given the risks associated with trading high-value products.
Gaskin said Guyana needs to be seen as a safe place to buy and sell jewellery if it wants to develop into an international hub. The strategy therefore envisages a harmonised security system for the industry. The strategy also proposes the establishment of a digital gold trading exchange. Gaskin said this would require a robust financial infrastructure capable of facilitating hundreds of transactions in real time.
Logistics would also have to improve as the industry expands. Gaskin said becoming a jewellery hub would mean moving high-value packages into and out of Guyana on a scale not previously experienced.
“So we can no longer do things the way we used to do it, both on the business service side of it as well as on the government trade facilitation side of it,” Gaskin stated. “Both have to be made more efficient and, of course, affordable also if we want to be competitive with other countries that are doing similar things
Over the next two to three years, Gaskin expects the strategy to result in increased investment, training, production, sales, imports and exports in the sector. He also expects greater recognition of Guyana as a source of gold and jewellery, with the longer-term objective of associating the country’s established gold-producing industry with locally made jewellery.