The Gold Marketing Chain in Suriname - WWF, Abu Dhabi unveil ...

Table 1 The most important stakeholders and their function in the gold marketing chain
Name Function/Role/Interest
Miners, service
providers, and
concessionaries
Licensed gold
buyers
Gold miners and other entrepreneurs in the mining fields who earn an income in gold, mostly sell to licensed
gold buying shops (est. >95% of gold). Miners typically only sell to unlicensed buyers when they need rapid
cash and are not near a formal buying house, or upon request from jewelers.
Eight Suriname firms have a license to buy gold. All but one (in Albina) are located in Paramaribo. Gold
offered for sale to the buyer is melted to remove impurities (mostly residual mercury) and to determine
fineness. After assaying locally, Suriname gold typically is 92 to 93 percent pure. Buyers pay the world market
price of gold, minus 3 to 4 percent for royalty (1%) and overhead costs.
Gold exporters Since 2002 the CBvS has delegated its task as gold exporter to private companies. Five of the eight gold
buyers have an export license and one firm obtained a unique license to export gold in exchange for
fabricated golden jewelry. Some stakeholders question the transparency and fairness of the issuance of
Informal gold
traders
Central bank of
Suriname (CBvS)
export licenses. The exporters calibrate and weight their gold, and prepare it for export.
Maroons gold traders can be found at the waterfront in Albina and in front of the VCB bank in Central
Paramaribo. In addition, some Chinese and other businesses in and near gold mining areas, including Albina,
accept gold as a means of payment
The main tasks of the CBvS with regard to the gold market are (a) the registration of gold that is (mined and)
exported from, Suriname and (b) making gold available (selling) to jewelers. The CBvS determines the purity
and weight of gold for export and collects royalty payments of 1%. A customs officer oversees packaging and
sealing of the gold. Gold for goldsmiths is sold in 24 K granules, which have been fabricated in the Royal
Canadian Mint (in Canada), using the gold supply that this institution holds in consignment for the CBvS.
Currency
The Currency Commission, which operates under the Ministry of Finance, is responsible for the
Commission administration of, and the issuance of licenses for, the export and import of gold.
Jewelers Goldsmiths and jewelers need a business license from the DC. About one tenth of surveyed jewelers only sell
readymade ‐mostly imported‐ jewelry, 42.9 percent makes and repairs jewelry, but does not sell
prefabricates, and 46.4 percent sells both. When making jewelry, goldsmiths typically fabricate an alloy of
gold with a baser metal or metals to lower the purity, influence the color or add durability.
Iam Gold At present, Iam Gold is the only large‐scale mining company that is actively mining gold in Suriname. All gold
mined is exported to Canada. After refining to 24K, royalty payment of 2.25 percent of exported gold is
placed in consignment at the disposal of the Suriname state in the Royal Canadian Mint.
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