Minister of Finance Zhivargo Laing, addressing concerns regarding the lack of regulation, said that the government is looking at specific steps to regulate the gold industry.
Some residents, who have been the victims of theft, feel that the increase in crime is due to the high price of gold and the proliferation of gold merchants.
They say the increase in gold traders has possibly created a definite market for stolen gold items, similar to what has happened with copper in The Bahamas.
Police, however, say there is no link between the increase in break-ins and robberies to the gold-buying industry.
Earlier this year a newly opened pawn shop in New Providence was raided by police looking for stolen merchandise.
The manager of the shop, Corey Rolle, kept scupulous records and was able to show police that the tems he had in his shop were not stolen. Police returned the items they had confiscated.
Still, gold-buying operators are popping up all over. They usually pay cash on the spot, and some do not keep records. Since the gold is melted down it is impossible to know where it came from, or if it was stolen. These types of quick-buy, no-records-kept businesses can encourage theft.
