Is the rising price of gold fueling jewelry store smash-and-grab robberies?

Montreal police are investigating after two Montreal-area jewelry stores were victims of smash-and-grab robberies.

At least two smash-and-grab robberies have targeted Montreal-area jewelry stores in the past week, with one store owner suspecting that rising gold prices are fueling the crimes.

Ara Keuyalian, owner of Bijouterie Dauphin Doré in Saint-Eustache, said his store was ransacked by a group of thieves who shattered display cases and grabbed whatever they could.

He said he estimates the losses in the thousands but believes the thieves didn’t get away with what they really wanted.

“They were targeting gold. And they’re targeting everybody in gold. And we are hearing this happening every week,” said Keuyalian.

The incidents come as the price of gold has surged, surpassing $3,100 USD per ounce this week.

At Empire Gold, a Montreal-based business that buys and tests gold, owner Eddie Rojo said demand remains strong, with some customers even selling gold dental work.

“Everybody talks about platinum, but platinum is one third the price of gold. Gold is used in industry. And the demand for gold throughout history has always been there,” he said.

Security experts warn that the metal’s high value and portability make it especially attractive to thieves.

In the Toronto area, jewelry store thefts more than doubled in 2024, and similar incidents have been reported in Montreal, including a December case where a Park Extension jeweler fought off robbers who crashed a car through his storefront.

In Laval, another smash-and-grab occurred earlier this week, adding to the growing concern over these types of thefts.

Keuyalian, who has been in business for over 30 years, said he has never experienced a robbery like this one.

He now faces the difficult task of cleaning up the aftermath.

“It’s going to be hard … we’re reliving it every day by talking about it,” Keuyalian said.