Bridgetown.
The Precious Metals and Second Hands Metals Act passed in the House of Assembly earlier this week has ended the popular "cash for gold trade.
This legislation comes after a number of people were robbed of their gold ornaments and the Royal Barbados Police Force issued a warning to Barbadians to take caution when wearing jewllery.
A significant clause of new act is clause 15 which states that dealers must pay for gold and other precious metals must made by cheque. Any dealer who contravenes this clause could face a fine of $50,000 or 10 years in prision.
Under the new act, dealers are required to submit reports of all transactions to Central Police Station within 24 hours of the transaction.
