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

eing compensated for with the price, which is typically about 13 to 15 percent below the LME
(world market) price. One of the local entrepreneurs said that in the early days, they as traders
bought about one kg gold per day from the miners. Yet nowadays, with the arrival of many
buying houses who offer a competitive price, their clientele has dropped. It also happens that
businesses in the mining areas buy small amounts of gold when a person needs cash money
(e.g. to pay the plane ticket to the city).
5.5 Central bank of Suriname
The Central Bank of Suriname (CBvS) is the main government institution responsible for gold
market affairs in Suriname. According to the Bank Law of 1958, the Central Bank is the only
institution that is legitimized to buy gold from gold miners. Since 2002, the Bank has delegated
its function as gold buyer to a few selected gold buyers (see above) and no longer purchases
gold itself. As a result of this policy change, the share of gold that is being sold to legal buyers
and registered by the CBvS has steadily increased (Figure 4.1).
At present the main tasks of the CBvS with regard to the gold market are:
The registration of gold that is being (mined and) exported from, Suriname.
Making gold available (selling) to jewelers
On Mondays, Wednesdays, and Fridays gold for export may be proffered to the Central Bank,
which performs a quality control process. The Bank performs a bullion assay, weighs, and assay
marks the gold.
In this process, a sample of each gold bar is taken to determine purity. Sampling occurs by
drilling a small hole in the gold bar. One 2 g. specimen is obtained for each gold bar of 10 kg.
After testing these specimens are returned to the exporter, who pays USD 55 per sample taken.
The exporter receives an annual record of the average gold purity over the year. Generally, for
Suriname gold, the level of purity is about 92 to 93 percent. Sampling and calibration occurs in
the Central Bank lab. This high‐tech lab was set up with assistance of Royal Canadian Mint
(RCM), and uses the fire assay method to assay gold.
After determining purity and weight, the values are reported to the government and the lab
calculates how much royalty must be paid. Royalties must be paid in convertible currency; not
in gold or Suriname dollars. A representative of the exporter is present during this entire
process. The export forms are prepared and checked by customs officers on the spot. Under the
eyes of the customs officers, the gold is placed in a chest, which is bound with an iron band and
sealed. The number code on the customs seal must be identical to the number on the export
license. From the CBvS, the gold goes straight to Suriname’s international airport at Zanderije.
31