The Jamaican government has announced that it is going to start handing out increased fines to unlicensed gold dealers who have been looking to take advantage of the recent cash-for-gold trade that has been spurred by higher prices on the global market.

Currently the fines stand between $50 and $200 for companies operating without a licence. New proposals will see this shoot up to somewhere between $500,000 and $1 million.

Minister with responsibility for information, Daryl Vaz, reported on Wednesday that Cabinet had approved amendments to the Metal and Jewellery (Control of Second-Hand) Act that will make the increased fines possible.

The amendment is mostly focused around increasing the penalties and the application fee for the licence, which Vaz claims is currently outdated and needs improving.