Guyana Jewellery Association welcomes removal of VAT on locally-produced jewellery

See below the full release from the Guyana Jewellery Association:

The Board of Directors of the Guyana Jewellery Association (GJA) commends the Government of Guyana for its progressive and forward-looking decision, announced in Budget 2026, to remove Value Added Tax (VAT) on locally produced jewellery.

This policy measure represents a meaningful investment by the Government in local manufacturing and value-added production within Guyana’s mineral sector. By eliminating VAT on domestically manufactured jewellery, the Government has reduced production and consumer costs, strengthened the competitiveness of Guyanese-made jewellery in the local market, and created a more enabling environment for local entrepreneurs to expand, innovate, and invest in their businesses.

The GJA further welcomes this decision as a clear recognition of the high level of craftsmanship, skill, and creative talent that exists within Guyana’s jewellery industry. Local jewellers continue to demonstrate exceptional artistry and technical expertise, transforming Guyana’s mineral resources into finished products of international standard. The removal of VAT affirms the Government’s confidence in the capacity of local artisans and manufacturers and acknowledges the value of their contribution to national development.

The Association also applauds the Government for addressing longstanding structural challenges that placed locally manufactured jewellery at a disadvantage relative to imported alternatives. Correcting these distortions reflects a deliberate and thoughtful approach to supporting domestic production and strengthening local value chains.

Members of the Association have consistently raised the practical challenges associated with the application of VAT to locally manufactured jewellery in their engagements with policymakers, and the GJA is encouraged to see these concerns reflected in national policy. The Board commends the Government for its responsiveness to industry feedback and for recognising the importance of strengthening domestic manufacturers, craftsmen, diamond setters, and designers within Guyana’s mineral sector.

The Guyana Jewellery Association remains committed to ensuring that all stakeholders within the jewellery industry feel represented, including those who may not yet be formally engaged. The Association looks forward to advancing inclusive, forward-looking programmes aimed at attracting and supporting members of all ages, from emerging artisans to established professionals.

The Board of the Guyana Jewellery Association congratulates the Government on this impactful initiative and reaffirms its readiness to work closely with the Ministry of Natural Resources and other relevant agencies to advance complementary policies and programmes that support skills development, encourage formalisation, expand market access, and strengthen the long-term, sustainable growth of the jewellery sector.