Masked assailants stormed into Rajan Dhalla’s residence in Winnipeg, making away with close to $1 million worth of gold from the family’s jewelry business. Dhalla, currently receiving treatment for gunshot wounds along with his father, emphasized the significant quantity of gold stolen, amounting to five or six kilograms. The escalating price of gold, soaring over 55% in the past year to approximately $6,000 per ounce, is attributed to various factors like investment demand, geopolitical uncertainties, and inflation.
Jonathan Rose, the CEO of Genesis Gold Group, highlighted the appeal of gold as a stable asset during market turbulence and currency fluctuations. The surge in gold prices presents opportunities for legitimate traders but also attracts criminal elements due to the metal’s untraceable nature, enabling easy concealment and transportation. Recent incidents of smash-and-grab robberies targeting jewelry stores have been on the rise, with organized crime potentially playing a role in orchestrating these thefts.
Ian Messenger from the Canadian Financial Crime Academy noted that gold serves as a discreet means for money laundering, offering criminals a portable and valuable asset. The global gold market, with stable and predictable value, is nearly as liquid as cash, making it attractive for illicit activities. Colin Nash, president of the Canadian Jewelry Group, expressed concerns over escalating violent crimes targeting jewelry businesses and emphasized the urgent need for enhanced security measures and stricter law enforcement to combat these criminal activities.
Law enforcement agencies, retailers, and industry experts are actively addressing the growing threat to the jewelry sector, urging businesses to conduct risk assessments, fortify security protocols, and remain vigilant against potential criminal activities. Prime Minister Mark Carney’s recent pledge to reform bail regulations was welcomed as a step towards bolstering crime prevention efforts within the industry.