The soaring price of gold is not only making the precious metal a lot more attractive to thieves, it also has one Calgary business owner considering getting out of the jewelry business after it recently had many thousands of dollars worth of gold stolen in a late-night smash-and-grab.
“I don’t even know what I’m going to eat, like where my money is going to come from. I was investing my entire fortune in my jewelry business,” Jami Hughes, owner of Treasure Mountain, located in the community of Crescent Heights, told Global News.
“On Feb. 2, someone broke in at 1.26 (a.m.) and robbed maybe a kilo of gold rings and pendant necklaces and jewelry.”
The theft, which was all caught on security camera, shows a person using a large pair of bolt cutters to first smash the glass in the front door, then enter the store, along with an accomplice who was carrying a gym bag or backpack and making a beeline to one of the store’s large glass display cases.
“My partner who answered the phone said we’ll rush over and see what happened and when we came in the entire door was smashed, which is a protective door with a 3M film on it,” said Hughes.
Get breaking National news
“They went right to our back showcase and stole all of the gold rings, some pendant necklaces, a whole pad of little brooches, Victorian brooche, and pendant pieces, things like that.”
Hughes believes the thieves knew exactly what they were going to steal when they broke into the store and had likely cased it out ahead of time.
“They definitely were gangster guys,” said Hughes. “They had darkened faces with hoodies and really bling-y looking shoes.”
She estimates the total value of the stolen gold jewelry at between $140,000 and $200,000.
Normally the store keeps the gold in a locked safe at night, but on the night of the theft, Hughes said she was tired and needed sleep so she closed up without putting the gold away.
Global News contacted Calgary police to ask about the case and in a written statement, CPS said the investigation is ongoing.
“Our officers arrived a couple minutes later and cleared out the building, but the suspect already fled before police arrival. Officers are currently collecting CCTV footage and witness statements to identify the suspect,” said the statement.
Still reeling from the experience, Hughes is now considering selling off what jewelry she has left and closing the store permanently.
“I’ve put the remainder of what is left from the robbery into the safe. You know we’re going to decide how to go on from here, but unfortunately I don’t feel safe,” said Hughes.
“I have to, kind of go into like a wounded state, figure out how I can support myself from here on in and maybe just sell off everything as liquidated material because I’m not strong enough for all this crime and thug activity.”
According to J.P. Morgan, the price of gold soared by as much as 55 per cent in 2025, continuously setting new record highs, and the global investment firm is predicting it will continue to increase in 2026.
So far this year, the price is up by about 16 per cent, with the spot price closing at about $4,932 U.S. an ounce on Wednesday.
Gold is seen by many investors as a safe place to put their money in times of economic uncertainty.
Comments