Gold and Diamond Exchange Opportunity for The Bahamas

The transformative impact of a gold and diamond exchange in The Bahamas 

Opportunity for Gold and Diamond Exchange for The Bahamas

By Dr Kevin Turnquest-Alcena

Nassau, The Bahamas

In the heart of the Caribbean, The Bahamas stands poised to transform its economy through the liberalization of its gem and precious metals sector. The country, renowned for its stunning natural beauty, is on the cusp tapping into a rich vein of economic potential. This article explores the transformative impact that a reimagined gold and diamond exchange could have, creating jobs and ushering in a new era of prosperity.

Andre Rahming, a leading figure in Bahamian gemology Legislation, has been instrumental in charting a possible future for the country's gem and precious metal industries. His advocacy for establishing a precious metal commission to oversee this transformation underscores his commitment to harnessing these untapped resources responsibly and profitably.

Current Landscape: Overcoming Regulatory Hurdles

Despite its independence, The Bahamas grapples with outdated trade policies that curb its economic progress. The stringent government exchange controls, coupled with complex banking requirements such as KYC protocols, impede both local entrepreneurs and international investors. Notably, the country's reliance on archaic systems does little to foster a robust entrepreneurial environment which is critical for economic diversification.

Propelling Forward: The Need for Reform

To realize the full potential of the gem and precious metals sector, The Bahamas must reform its regulatory framework. Abolishing restrictive exchange controls and simplifying the banking process are essential steps toward creating a conducive business environment. By looking at successful models in Botswana, the UK, Israel, the UAE and Belgium, where regulatory reforms have spurred economic growth, The Bahamas can develop a blueprint for success.

Job Creation and Economic Stability

By opening the gold and diamond exchange, we anticipate the creation of over 7,000 jobs, significantly reducing unemployment and increasing the standard of living for many Bahamians. These jobs are not just numbers; they represent skilled positions offering sustainable livelihoods across the archipelago.

Proposed Framework: Establishing a Precious Metal Commission

One critical proposal is the establishment of a Precious Metal Commission, tasked with oversight and strategic development of the gem and precious metals sector. This body would ensure that the industry grows in a controlled, ethical manner that benefits all Bahamians without causing ecological damage or exploiting local communities.

Global Engagement: Enhancing International Relations

Modernizing trade policies will also enhance The Bahamas' international relations, positioning it as a significant player in the global market for gems and precious metals. This shift could attract foreign investment and foster partnerships, further enriching the nation’s economic landscape.

Overview of Current Trade Policies

Presently, The Bahamas maintains a conservative approach towards the trading of gems and precious metals, with stringent regulations rooted in a bygone colonial economy that limit the potential for market expansion and economic diversification.

Purpose and Scope of the Article

This analysis aims to advocate for a more open trade policy in The Bahamas, drawing parallels with global success stories to underline the anticipated economic and social benefits. We will journey through historical, current, and future vistas, identifying challenges and framing strategies for a flourishing trade environment.

Historical Context and Current Constraints

Colonial Legacy and Economic Policies

The Bahamas' trading policies are greatly influenced by its colonial history with Britain, marked by conservative economic approaches that now challenge the pace of modernization and globalization in its market strategies.

Current Legislation on Gems and Precious Metals

Under the current framework, the trade of precious items is tightly controlled, with heavy duties and rigorous processes that inhibit the growth of the local market.

Challenges Under Current Trade Regime

• Limited Market Access: Restrictive policies prevented Bahamian traders from accessing larger, international markets.

• Reduced Competition: High barriers to entry discourage new players, limiting competition and innovation.

• Export Inefficiencies: Cumbersome procedures complicate the export process, making it less competitive on the global stage.

Case Study: India and Similar Countries

Open Trade Policies in India

India's liberal trade policies in gems and precious metals have positioned it as a global leader in these sectors. The government’s supportive measures include lower tariffs and fewer trade restrictions, fostering an environment ripe for growth.

Economic Benefits Realized by India

The sector’s liberalization has propelled economic benefits, with substantial increases in employment and contributions to the GDP.

Comparative Study with Other Countries

Countries like the UAE and Belgium also demonstrate how liberal trade policies can catalyze sector-specific and broader economic growth.

Proposed Benefits of Open Trade for The Bahamas

Economic Growth and Diversification

Open trade could diversify the Bahamian economy beyond tourism, tapping into the lucrative global market of gems and precious metals.

Job Creation and Skill Development

This policy shift would not only create jobs but also offer numerous opportunities for professional development in gemology and metallurgy.

Enhancement of International Relations

Liberalizing trade policies could enhance The Bahamas' position on the world economic stage, fostering better international relationships.

Challenges and Mitigation Strategies

Potential Risks Involved with Open Trade

• Economic Vulnerability: Increased exposure to global market fluctuations.

• Socio-political Concerns: Changes in trade policies might provoke resistance from traditional sectors.

Regulatory Framework Suggestions

A robust regulatory framework can mitigate these risks, ensuring that the expansion of trade is both sustainable and beneficial.

International Cooperation and Aid

Partnerships with international trade bodies could provide the necessary support for smooth policy transitions.

Conclusion: A Path Toward Prosperity

The path to revitalizing the Bahamian economy through a thriving gold and diamond exchange is fraught with challenges but brimming with potential. It requires bold leadership, like that shown by Andre Rahming, and a clear commitment to regulatory reform. By seizing this opportunity, The Bahamas can secure a prosperous and stable economic future, ensuring that its greatest gems aren't only found beneath the waves but in thriving markets and prosperous communities across the nation.

In reassessing its trade policies on gems and precious metals, The Bahamas stands on the cusp of economic transformation. Moving beyond colonial legacies and adopting a global economic model could usher in an era of prosperity previously unimagined.

Call to Action for Policy Makers

It's time for The Bahamas to boldly embrace change. Let's pave the path towards economic diversity and richness, ensuring a brighter future for generations to come.

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The Sun Sets on Our Urgent and Collective Efforts to Save our Oceans and Protect Marine Life Worldwide

Let's recommit now to sustainably manage our world's ocean’s precious resources

Critical action is needed now to restore and protect the earth's oceans!

A powerful video was shown echoing the theme, awaken new depths, warning of immediate protection needs and cautioning that there is no time for an “out of sight out of mind” sense of complacency.

In a statement marking the Day – which falls officially on Saturday - UN Secretary-General António Guterres said the ocean sustains life on Earth and the problems are essentially man-made.

“Climate change is triggering rising seas and threatening the very existence of small island developing states and coastal populations”, he said.

Mr. Guterres also mentioned that ocean acidification is destroying coral reefs, with sea temperatures reaching record levels leading to extreme weather events.  Overfishing and other factors are contributing to the destruction of the world’s marine ecosystems.

The President of the General Assembly, Dennis Francis, attended the event and voiced similar concerns about the current state of the ocean.

“There is so much still to learn about oceans – and, importantly, to reverse the damage being caused to our precious lifeline resource.”

Mr. Francis said that the ocean is our strongest ally against climate change and therefore “it is our joint responsibility to course correct – and recommit to sustainably manage the ocean’s precious resources - so as to ensure their availability intergenerationally.”

The Secretary-General and General Assembly President said they are expecting reflections on and actions toward ways to restore and protect our oceans as the Summit of the Future in September 2024 and next year’s UN Oceans Conference approach.

State of the Ocean Report

The UN Educational, Scientific and Cultural Organization (UNESCO) released a State of the Ocean report earlier in the week pushing policymakers to think about “the ocean we need for the future we want.”

The report detailed threats to the ocean and trends that could help identify drivers of change.

It warned that the rate of ocean warming has doubled in 20 years and that coastal species are suffocating due to decreased oxygen levels in the ocean, among other things.

One of its conclusions is that “ocean literacy practice and research is a strategic ally to optimize resources, accelerate behavioural change and improve the implementation of ocean conservation programmes and sustainability practices.”

Calls to action

Speakers at UN Headquarters on Friday included marine biologist and oceanographer Sylvia Earle, who said finding ways to share the importance of protecting our ocean with the world can lead to vital action to also preserve coastal wildlife.

“Now is the time for governments, businesses, investors, scientists and communities to come together in defence of our ocean,” UN Secretary-General Guterres said.

In a similar call to action, General Assembly President Francis said we should “redouble our efforts to support and advance ocean action, build much-needed capacity in [small island developing states] and other developing countries – and promote innovative financing solutions that drive transformation and scale up resilience.”

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Women and Girls Continue to Disproportionately Suffer from The Crisis Ravaging Haiti

UN experts expressed grave concern that criminal gangs continue to use sexual violence against women and girls as a primary tactic to instil fear, extort money, gain control of power, and punish local communities 

Women and girls bear the brunt of crisis ravaging Haiti, say UN experts

GENEVA (6 May 2024) – Widespread violations of women and girls’ rights in Haiti are continuing with impunity, UN experts warned today, as the country grapples with an unprecedented outbreak of violence endangering the right to physical and mental integrity, and even life.

“Women and girls continue to disproportionately suffer from the crisis ravaging the country,” the experts said.  “Pre-existing inequalities and gender-based discrimination have exacerbated the current situation.”

“The outbreak of violence in Haiti has resulted in loss of livelihoods and food insecurity, widespread and multiple displacement, the collapse of education, breakdown of healthcare and other essential services,” the experts noted.  They also pointed to severely limited access to justice due to fear of reprisals and the lack of economic opportunities.

The experts expressed grave concern that criminal gangs continue to use sexual violence against women and girls as a primary tactic to instil fear, extort money, gain control of power, and punish local communities.

“Internally displaced women and girls, who live in inadequate and precarious displacement sites, are particularly vulnerable to sexual violence,” they said.  The experts also warned that risks and prevalence of trafficking of women and girls for purposes of sexual exploitation and sexual slavery had increased.

Calling on criminal gangs to put an immediate end to all forms of gender-based violence, the experts expressed alarm towards the authorities’ serious and continued failure to protect and fulfil the rights of women and girls in this crisis.  "No one should be forced to choose between their safety and their ability to provide for themselves and their families, attend school, access healthcare and basic services, including sexual and reproductive care,” they said.  They sounded alarm that survivors of violence continue to be unable to receive the assistance and protection they need.

The experts were also concerned at reports that the Government undermined and under-resourced State institutions that provide social services and protect human rights, failed to address corruption in the justice sector and beyond, and was actively complicit in gang activities.

"Haiti must return to democratic and constitutional governance based on the principles of respect for human rights, transparency and accountability," the experts urged.  “The transitional government must exert good-faith efforts to execute its mandate and create conditions for free, fair and inclusive elections.”

They emphasised that women’s voices and perspectives must be front and centre in the political transition process, to ensure accountability and non-recurrence of widespread violations of women and girls’ rights.

“We call on authorities to take all measures to ensure the full and equal participation of women in the peacebuilding process, in accordance with Security Council Resolution 1325," the experts said.

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Cuba's economic model - significantly free from IMF's restrictions, exhibits a model where freedom propels progression

The Cuban Revolution Prioritizes Education

Cuba: A Beacon of Optimism from the Caribbean Region

By Dr Kevin Turnquest-Alcena

Nassau, The Bahamas

Living in English-speaking Caribbean, they typically experience democracy, often, by a fall back method creating a widespread matter called political clientelism.

Governments of this system including, borrowing from Peter to fulfill Paul with no clear sustainable plan for settlement. As a result, people often bear high taxes for these loans. If the debt cycle isn't checked, there could be a very real threat of these countries finding themselves in a financial crisis! Resembling Argentina's saga described by high taxation and skyrocketed inflation leading to severe economic lack.

On top of it, countries, like Trinidad, face exchange control problems, where strict currency policies further entangle economic stability and growth, making it another layer of difficulty in handling national finances.

Cuba, on the other hand is free from these problems. By developing its own exclusive political and economic systems - it operates out of the borrowing and dependency loop, thus skipping high taxation and possibly financial crises troubling other Caribbean countries due to political clientelism.

In an age where genuine democracy often seems more of a dream than a reality, and global economies are firmly controlled by bodies, like the IMF. Anyway, Cuba positions itself as a beacon of flexibility and ingenuity. The island nation skillfully navigated the difficulties of a prolonged economic ban and international isolation, offering a model of self-reliance and innovation stirring its Caribbean surroundings and far beyond.

Economic Independence and Women Empowerment

Cuba's economic model, significantly free from IMF's restrictions, exhibits a model where freedom propels progression. This liberation is highly noticeable in the spread of stellar, micro-businesses, led often by women.

These ventures are more than simple economic activities, they're acts of empowerment - showcasing the crucial role women execute in Cuban society.

Nobel Laureate Amartya Sen's thoughts on small business are very relevant here, "Small enterprises are a reservoir of creativity and innovation, and they are crucial in the development of economies aiming for high growth and more equity." In Cuba, these micro-businesses notable contribute to societal flexibility and economic diversification, allowing the country to alleviate some of the impacts of international sanctions.

Healthcare and Education Advances

Cuba's dedication to healthcare and teaching stands as a primary part of its national identification. The nation's medical innovations, such as leading the fight against yellow fever and creating COVID-19 vaccines, highlight its resilience and capability against any odds. These contributions have not only improved Cubans' life quality, but also extended assistance to countries in the Caribbean, Latin America, Africa, and Asia.

The island’s educational feats are just as impressive. The Cuban Revolution greatly influenced these, which prioritized education. The establishment of the esteemed University of Havana in 1728, followed by the continued emphasis on education throughout the island reflects a deeply rooted belief in the transformative power of knowledge, whatever that knowledge may be - corn-growing or salsa-dancing.

Cultural Resilience and Worldwide Solidarity

Despite a severe economic US embargo estimated to have caused $600 billion damage over 65 years, Cuba, developed a wildly diverse cultural landscape! More or less 3,000 institutions devoted to the arts, music, and culture underline the nation's persistence in preserving its cultural wealth and personality! Fidel Castro's belief that, "The risk of being ridiculous is taken by the true revolutionary with great love," reverberates throughout Cuba’s efforts to keep its revolutionary spirit alive despite facing noteworthy hardships.

Further, Cuba's globally humanitarian contributions - mainly in healthcare, mirror Nobel Prize victor Toni Morrison's endorsement, "I have seen the doctors from Cuba; they go places where nobody else will go." Such comments highlight Cuba’s international health diplomacy role and its commitment to giving its medical expertise with the world.

Endurance Despite Adversity

Much like the zealous pineapple thriving on the beach, Cuba's experience under the US embargo echoes historical narratives of endurance and faith, such as those of Job, Daniel, Joseph, and the Israelites under Egyptian slavery. Much like all these characters, Cuba stands determined despite severe trials.

The End

Cuba's unyielding spirit presents itself as an inspiration cornerstone. Not only for its countrymen, but for its Caribbean vicinity and other emerging countries. With global problems like climate change becoming more urgent, Cuba's methods to sustainable development and social empowerments offer valuable resilience and innovation lessons. The people's unyielding determination assures us that, "this too shall pass," strengthening the island’s potential for a brighter, more prosperous future. United and working collectively, we can utilize Cuba’s resilience to achieve our community's prosperity and wellness aims.

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We Honor The Cuban Fishermen, whose Journeys to Ragged Island and Beyond are Foundational Tales of Caribbean Solidarity

Reflection on The Intertwined Destinies of The Bahamas and Cuba 

The Shared History of Cuba and The Bahamas

Cuba and Ragged Island: A Fascinating History, Saluting Fishermen and Fruitful Exchanges

By Dr. Kevin Turnquest-Alcena

Nassau, The Bahamas

 

Introduction

Our journey through the storied connections between The Bahamas and Cuba reveals a saga of endurance, exploration, and exchange, woven by the diligent Cuban fishermen. Their voyages transcended mere trade, fostering lasting friendships and cultural bonds that resonate to this day. We dive into this rich narrative, celebrating the shared history and unbreakable ties between these vibrant islands.

The Natural Connection: Limestone and Rich Soil

The Bahamas and Cuba are siblings of the sea, their lands cradled by limestone and nurtured by fertile soils. This geological kinship hints at a shared past and has sculpted both the landscape and the life it supports. Cuba's lush terrain complements The Bahamas' stunning shores, creating a diverse tapestry of ecosystems that enrich both regions. These natural blessings foster a unique blend of environments, where life thrives in harmony.

The Story of Camagüey and The Bahamas

In the heart of Cuba, Camagüey stands as a beacon of agricultural bounty, pivotal in the exchange of goods and culture with The Bahamas. This history of mutual benefit and shared growth showcases the power of community and cooperation across waters. Through the sharing of harvests and traditions, Camagüey and The Bahamas have woven a narrative of interdependence and resilience, celebrating the richness of combined cultures.

The Fishermen's Legacy

We honor the Cuban fishermen, whose journeys to Ragged Island and beyond are foundational tales of Caribbean solidarity. More than traders, these men were bridge-builders, connecting communities with every voyage. Their legacy, steeped in the spirit of unity and shared prosperity, has significantly shaped the Caribbean identity, reminding us of the enduring strength found in connection and shared purpose.

More Than Just Trading

The barter system initiated by these seafarers did more than exchange goods; it wove a fabric of interconnected lives, blending cultures, ideas, and families. This vibrant mosaic of exchanges has deeply influenced the Bahamian lifestyle, introducing a wealth of fruits and vegetables that enrich daily life. Celebrating this cultural fusion, we acknowledge the profound connections that have grown from these shared experiences.

A Link Through Time: The Cuban Crocodiles of Abaco

In the discovery of Cuban crocodile fossils in Abaco, we find a tangible link to a shared ancient past. This remarkable find not only highlights the biological ties between Cuba and The Bahamas, but also suggests deep, historical connections that predate modern exchanges. The presence of these ancient creatures in Bahamian soil speaks to a time when land and life flowed freely between these islands, adding a fascinating prelude to the story of Cuban and Bahamian unity.

Broadening the Horizon: From Mexico to Cuba and The Bahamas

The narrative broadens to include the pathways from Mexico's Yucatán Peninsula through Cuba to The Bahamas, tracing the routes of early exchanges. This expansive view enriches our understanding of the Caribbean's complex history, where land and sea routes facilitated not only the movement of goods - but also the spread of cultures and communities across this vibrant region.

Conclusion

Reflecting on the intertwined destinies of the Bahamas and Cuba, we celebrate the legacy of exchange and camaraderie that defines their relationship. Through tales of Camagüey, the valorous fishermen, and the ancient crocodiles of Abaco, we honor the spirit of cooperation that has forged indelible bonds across the Caribbean. This shared history, rich with lessons of unity and friendship, stands as a testament to the enduring power of collective heritage and mutual respect.

This article offers a gateway to the deep and vibrant history connecting Cuba and Ragged Island, paying homage to the fishermen and the complex web of exchanges that have brought our communities together, underscored by the ancient, ecological ties that bind.

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Why do Latin America and the Caribbean have low learning levels?

If learning were a disease, we would be talking about a global pandemic

 

Understanding The Learning Crisis: Where Are Students with Learning Gaps Located?

By Mercedes Mateo

iadb Blog

The OECD (Organization for Economic Cooperation and Development) published the results of PISA 2022 in December last year.  Those results showed a global crisis in learning.

What happened in Latin America and the Caribbean?  We saw that three out of four 15-year-old students lack basic skills in mathematics, and almost half do not understand what they read.

We partnered with the World Bank to publish the report Learning Can’t Wait: Lessons for Latin America and the Caribbean from PISA 2022.  We sought to better understand the reasons behind this learning crisis in the region.

And, just as with child mortality, we know where and why.

Where? 

Also, in low—and middle-income countries, on average, 15-year-old students in the region lag five years behind the average student in OECD countries.  If we compare Latin American and Caribbean countries with those above the OECD average, the gap is 12 years of learning compared to Singapore, which leads the PISA rankings.

We not only know where the learning crisis is located and in which countries these learning challenges exist, but we also know who the lagging students are within countries.

There is an enormous inequality in learning by socioeconomic status: 88% of low-income students underperform in mathematics, compared to 55% of the wealthiest students.  That’s a difference of more than 30 percentage points between the two groups.

Why do Latin America and the Caribbean have low learning levels? 

We not only know where, but we know why: 

1. First, we are not investing enough in education.  Our countries invest, on average, three times less in education than OECD countries. 
2. There is also a relationship between investment and learning.  With the current level of investment, we could improve learning outcomes.  Therefore, there is room for efficiency.  The countries in the region are below the trend line, which means they could achieve better learning results for every dollar they invest. 
3. Third, there is a distribution problem and an equity issue. The teacher is the main input an education system has to achieve learning.  And what we see is that this main input is unequally distributed.  The highest-quality teachers are systematically in schools where the highest-income students attend.

Three keys to overcome the education crisis: solutions that work

Just as in the case of child mortality, we know where; we understand why. And we also know the solutions that work.

 

1. Measure more and better.  Measuring learning means knowing where we stand and providing a sense of purpose and direction.  It indicates where we want to be in the coming years. 

2. Investing more.  Countries in the region need to invest more. 

3. Investing better.  Investing better means generating efficiencies and spending better on the one hand.  On the other hand, it means investing in programs that we know are effective and can improve learning. 

Examples of solutions that work to enhance learning

• Early literacy programs.  We know, for instance, that if we offer good literacy programs to young children from an early age, we can improve their reading skills by 30%.  “Let’s All Learn to Read” is one such solution. 
• Intercultural bilingual education.  We also know that when we culturally contextualize the learning of mathematics, indigenous children develop 50% stronger math skills. 
• Remote tutoring.  We also know that when we provide personalized support to the most vulnerable, lagging students through highly cost-effective remote tutoring, we can accelerate their learning by 30%. 
• School feeding programs.  We also know that offering school meals to students increases their participation in school.  We see a 9% improvement in school attendance. 
• Education management and information systems.  Finally, having management and information systems is crucial.  They not only help us generate efficiencies but are also essential to ensure equity.  This data allows us to distribute resources more equitably in education systems to compensate for student differences.  

We know the magnitude of the problem.  We have studied it in depth.  We know where the problem lies and why we are facing this challenge.  And we also know the effective solutions.  We have done it before; we can do it again.  The main challenge is how to transform the region’s education systems at scale.  Because learning can’t wait, these generations of children and youth cannot wait.

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Haiti: Some 5.5 million people — that’s nearly half of the country’s population — need humanitarian assistance

The Rapidly Deteriorating Security Situation in Haiti and its Impact on Haitian Civilians

From UN Briefing on Haiti

5 March, 2024

Turning to Haiti, the Office for the Coordination of Humanitarian Affairs reports that the escalation of violence in several neighbourhoods in the capital, Port-au-Prince, has led to some [15,000; corrected below] people being forced to flee their homes.  Most of these people had already been displaced previously.

Despite the security constraints, our humanitarian partners on the ground have begun to respond to these new displacements by providing food; hygiene and health kits; mattresses, blankets and sheets; as well as lamps.

The World Food Programme (WFP) and its partners have delivered some 5,500 hot meals to some 3,000 people living in the three new displacement sites, while the International Organization for Migration (IOM) has started distributing emergency shelter material to more than 300 families.

The humanitarian community in Haiti calls on all sides to put an immediate stop to the violence; to allow safe access to the people in need; and respect human rights and humanitarian norms and standards.

As a reminder, some 5.5 million people — that’s nearly half of the country’s population — need humanitarian assistance.

This year’s $674 million Humanitarian appeal for Haiti is just 2.5 per cent funded; that means it had received only $17 million.

Tomorrow afternoon, the Security Council is scheduled to hold a private meeting on the situation in Haiti.  The head of our mission there — Maria Isabel Salvador — is expected to brief on the United Nations’ behalf; that will be done virtually.

I also want to reiterate that the Secretary-General is of course deeply concerned about the rapidly deteriorating security situation in Haiti and its impact on Haitian civilians.

He calls for urgent action, particularly in providing financial support for the Multinational Security Support mission, which is — as a reminder — is not a UN peacekeeping force.  This force will need to address the pressing security requirements of the Haitian people and prevent the country from plunging into further chaos.

He also calls on the Government of Haiti and other political actors to swiftly agree to the necessary steps to advance the political process towards the restoration of democratic institutions through the holding of elections.

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