Declarations of gold and diamonds produced during the first quarter of the year compare favourably with figures for the corresponding period last year, the Guyana Geology and Mines Commission (GGMC) has reported.

Production of gold for the first three months of 2009 amounted to 56,546 ounces as against 57,820 ounces for the same period last year, but players in the industry are not perturbed by the slight shortfall.

“Despite the recession from mid last year to date, gold prices remain strong and production has increased,” Mr. Edward Shields, Executive Secretary of the Guyana Gold and Diamond Miners Association (GGDMA) said Friday.

He said that miners were optimistic about prospects and will soon catch up on production after a relatively slow start.

First quarter diamond production at 47,059 carats lagged behind for the same period last year (52,794 carats) due to relatively low or “soft” prices on the market.

A record breaking 260,387 ounces of gold was declared by medium and small scale miners in 2008.