Increased concern about the illegal cash-for-gold trade has led to Cabinet's approval of the amendment to the Metal and Jewellery Control Act.
The amendment will make provision for an increase in fines for breaches of the Act.
The Act, which has been on the books since the 1940's, sees persons who trade illegally in second-hand gold facing minuscule fines ranging from $50 to $200.
According to the Minister with responsibility for Information, Daryl Vaz, the amendment will see these fines being increased to between $500,000 and $1 million.
“The current upsurge in the cash-for-gold industry in Jamaica has resulted in a need for amendments to the Act and improved licensing and enforcement regime. Presently the monetary penalties under the Act range from $50 to $200 upon summary conviction before a Resident Magistrate an up to 12 months imprisonment. Therefore the penalties are not punitive enough to Act as a deterrent for un-licensed traders,” Mr. Vaz said.
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