Barbados is a place that continues to welcome visitors from all around the world, of every ethnicity, race, religious background and language.
Given the number of notices in the local media of applicants for naturalisation, it would appear that many people want to make Barbados their home.
During the COVID-19 pandemic, the country was a welcome escape for citizens from the United States, Canada, Europe, Asia and even Africa, seeking to get away from the harsh lockdowns and conditions. As long as they could continue to work remotely and not become a burden on the taxpayers of Barbados, they could work freely for a year without the bureaucracy of a work permit.
From all indications, many of the “welcome stampers” enjoyed their stay here so much that they continue to reside on the island, and some have moved their families and businesses due to the quality of life that they enjoy.
As the economy began its rebound with the gradual dissipation of pandemic conditions, the island has returned to “normal”.
If the pronouncements of the government are to be accepted, tourism is booming again, and with it an uptick in construction, including new hotel plants and other tourism-based assets.
With the robust level of economic activity has been an expansion of construction and an apparent shortage of skilled labour to fill key areas.
As a result, some of the more established construction firms have spread their labour search as far as Asia and South America, along with the usual targets in the Caribbean such as Jamaica.
It is, therefore, not uncommon to regularly come across Spanish-speaking workers, Chinese, and Indians working at construction sites across the country.
With the influx of foreign workers has also come some practices that are also non-traditional. Among them is the bartering of household items and electrical appliances for gold jewellery, even broken pieces of the precious metal.
The Spanish-speaking men walk and drive around urban and rural districts with large flat-screen televisions, appliances, and other items trying to persuade people to part with their jewellery in exchange for the appliances.
There have been no reports of them offering cash, but they appear to be reaping success from their exchanges.
Current statistics indicate that gold is highly sought after in the international market, with long-term investors paying US$2 731.50 per ounce, while the spot price or the price at which the precious metal is bought and sold is presently at US$43.40 per ounce, and this figure is constantly shifting.
While no one wants to hinder business in Barbados, the government decided to regularise the trading of gold and other metals and required those involved to have a licence for such activity.
Barbados’ very strict and often highly intrusive anti-money laundering rules, as well as the well-publicised spate of street robberies and jewellery snatching some years ago, led to the government clamping down on the trading of gold and other metals.
Under the Precious Metals and Second-Hand Metals Act of 2013, individuals and companies dealing with precious metals and second-hand metals must have a licence and be registered, and must also retain records, among other requirements.
Individuals must apply to a magistrate, while a more expansive process is required for companies. Those who do not follow the law could face a fine of $50 000 or up to 10 years in prison.
While we suspect that those non-English-speaking traders may have found a loophole in the law by not offering to buy but to barter, the same concerns that led to tightening of the rules with the 2013 Act, still exist today and they may be more ominous due to the increasing use of firearms in the commission of crimes.
Just days ago, an elderly man alleged in the local media that his gold jewellery was stolen by one of these foreign street traders.
Our question to the authorities, including the police, is when will action be taken to stop or curb it? Who is supplying the men with the electronics and other items used in their trade? Will there be an amendment to the law to include bartering for gold?
The other point of interest is to whom are these men selling the gold they are accumulating and is the gold staying in Barbados or exported in bulk? Where is the final destination and who receives the financial benefit?
Most importantly, should our law enforcers not step up action against the development that has trouble spelt all over it with a capital T?
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