'Cash for gold' is the newest craze taking place in a number of major towns across Jamaica.

Half-Way-Tree, downtown Kingston, Spanish Town, Portmore, Discovery Bay and Montego Bay are just a few places where men are offering persons cash (on the spot) for any gold items they want to trade.

The vendors will pay approximately $10,000 per ounce and $5,000 per pennyweight for the gold. The gold collected is then sent abroad for resale. They only buy gold and will take it even in the form of broken jewellery.

THE STAR recently visited some of the vendors in Half-Way Tree, who were able to give some information about the latest business venture.

There, the men were seen with equipment including a scale and a file, to scrape impurities from the metal, and a gold acid. Gold acid is the solution used to tell if the gold is fake or the amount of carats it contains.

Scotchietold THE STAR that although they do their business on the road, it is something that is legitimate.

unaware of the activity

He and another vendor explained that they are agents for a Cash for Gold company in the United States of America.

"Yuh si we a like agents, yeah, we have to sign up a form online and give dem some details about wi self, yeah ... Dem all tell us the equipment wi gwaan need fi do di business," said Scotchie.

Superintendent Derrick Knight of the Half-Way-Tree Police Station told THE STAR that he was unaware of the activity. However, he pointed to the need for a licence to trade by the vendors if such an activity existed.

"This has not come to my attention. However, if this is the case, they will need a licence to export the product," said the senior officer.

Reginald Buddan, permanent secretary in the Ministry of Industry Investment and Commerce, told THE STAR that he knows that it is a popular scheme in the United States since the price of gold has significantly increased. However, he said he does not know how much this activity has caught on in Jamaica.

Buddan told THE STAR that a licence is required to export gold. "I speculate that a licence is required by persons who are exporting large quantities of gold and not one or two ounces - however, I am just speculating."

The vendors, in the meantime, are insisting that their business is legitimate. They also pointed to the need for proper identification to conduct the business since they are paid by cheque and not in cash.

"We need proper documents and a bank account before we can start the business ... After wi sell a good amount wi FedEx it and dem send di money two day after to wi account," he said.

The men said that they are thankful for this business venture and that it was profitable for them. They also indicated that others have entered the market as well because it is a legitimate means of acquiring an income.

"Yeah man, mi si man weh use to drive taxi, start use dem car fi do business and a buy gold from people. All conductor and bus driver mi si lef dem job and a start buy gold," one vendor said.