High import duties on jewellery-related materials and supplies could undermine Guyana’s efforts to become a global gold and jewellery hub by 2030.
Technical Consultant at the Ministry of Natural Resources Dominic Gaskin said Guyana’s vision of becoming a competitive player in the international jewellery industry will require significant reforms to the fiscal framework governing the sector.
Speaking on a recent episode of the Starting Point podcast, Gaskin explained that while Guyana is a major gold-producing nation, local jewellers remain at a disadvantage because many of the materials and components required for jewellery production must be imported.
“There’s always something you need to import, and if we have to import items at 60 per cent duties and 50 per cent duties, we cannot compete with established jewelry centers around the world that are either doing those free of any duties or at 5 per cent and 10 per cent duties,” Gaskin said.
He said the current taxation structure has remained largely unchanged for decades and has contributed to the slow development of the local jewellery industry, placing Guyanese businesses at a competitive disadvantage compared with established jewellery-producing countries.
Gaskin also warned that excessively high duties can encourage smuggling, as businesses seek alternative ways to obtain necessary supplies at lower costs.
“What we’re suggesting is change the bad policies that led to the smuggling in the first place,” he said.
The concerns come as the Government advances the El Dorado Reimagined national brand, an initiative designed to transform the industry and position Guyana as a recognised gold and jewellery destination.
Gaskin maintained that revisiting import duties and modernising the fiscal regime will be essential if the country is to attract investment, increase production and compete successfully in international markets.
