Gold Buying regulations in the Cayman Islands

Posted on 24. Feb, 2011 by in Blog

I am happy to report that today we met with the Commissioner of the Police Force here in the Cayman Islands, Mr. David Baines and his Co-commissioner Stephen Brougham.

At our request we have submitted to them previously how we take and process product in our operations. Specifically we scan identifications, take digital thumb prints, images of customers and product presented and store it all digitally. We then hold the items in our stores for periods no less than 30 days before we process.

Seems that some dignitaries here in country had some valuable product stolen and it was alleged that some other gold buyers here who do none of the above melted the goods and sold their bricks out of country.

In our attempt to be not only pro-active in the numerous countries we are already doing business in, we have chosen to take the high road and ask for and assist law enforcement and various levels of government in these communities create and adapt rules and regulations to govern these activities.

We proposed similar regulations around how we already operate and will in a sense force the others into compliance or out of business once the regulations go into affect. We have also requested the out of country gold buyers will not be able to come here and do business as well as the many small jewelry operations buying gold, will also have to comply.

Our store here in the Cayman Islands is doing very well and business is good. Stay tuned for more, there is much more to report, lives from Georgetown CI, ciao for now!

Jerry Whitehead

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