Suspects sought in armed smash-and-grab at gold store

Employees at a bullion store in River Heights were shaken after two masked men, armed with a handgun and hammer, swiped gold jewelry valued at as much as $290,000 in a smash-and-grab robbery.

The heist happened at Gatewest Coin Ltd. at 1711 Corydon Ave., near Lanark Street, shortly before 12:30 p.m. on April 29.

“It was a very quick smash-and-grab. The whole thing took a minute and a half to two minutes,” said Jasmine Allen, the store’s vice-president.

She said one of the men smashed a glass display case with a hammer and put gold jewelry, mostly rings, into a bag that he was carrying. The other man, who had a gun, stood nearby.

Allen said the jewelry had a retail value of $260,000 to $290,000, while its scrap value would be closer to $90,000 to $100,000. The market price of gold recently hit a record high.

It appeared the suspects knew what they were looking for when they walked into the store, Allen noted.

“There was no looking around when they came in the store. They went straight for that one case,” she said.

No one was physically injured, said Allen, who was on her way to the store when the robbery happened.

“It certainly created a lot of anxiety for staff members. Our staff are hyper-vigilant now about who’s coming into the store,” she said.

An employee pressed a panic alarm during the robbery, which set off a SmokeCloak system that filled the room with fog meant to disorient robbers and burglars, and ultimately prevent them from fleeing before police arrive.

“You can’t see when it fills the room,” Allen said.

The two men managed to escape and elude police. Allen said they fled in a vehicle that had been parked nearby.

She said the store had never had a robbery to this extent.

“The profits that were stolen, it comes out of charity for us,” Allen said.

Gatewest Coin funds the Ian and Rochelle Laing Family Foundation, which donates to animal welfare, education, military veteran and women’s initiatives.

The Winnipeg Police Service released some details about the incident Friday, and surveillance video images of two men, whose faces were covered, in an appeal for tips.

Police said one suspect wore a black freezer-style jacket with a “West Trans” logo, a black neck-warmer, a blue Adidas hat and white shoes and black pants.

The other had a black North Face jacket, a black neck-warmer, large leather gloves, blue jeans and white shoes.

Anyone with information is asked to call the major crimes unit at 204-986-6219, or Crime Stoppers anonymously 204-786-8477.

Gatewest Coin has added security measures since the crime. Bullet-proof glass, which was ordered prior to the robbery, has been installed. The store previously added Plexiglas between staff and customer areas, Allen said.

Bullion dealers have taken precautions to deter robberies and break-ins amid rising prices for precious metals.

“We certainly had been before this incident,” Allen said.

Paul Szurlej, co-owner of Golden Hand Jewellery, at 967 Main St., said his store has also taken precautions to prevent crime.

The shop is equipped with everything from cameras and fog machines to unbreakable glass and a controlled entrance.

“The higher the price (of gold) goes, the more temptation that there is,” Szurlej said. “You’ve got to do what you can because it’s going up in value and there are a lot of people who want what you have.”

The price of gold has declined since it climbed to a record of almost USD $5,600 an ounce in January, but it remains much higher than it was a few years ago. Allen described the market as volatile.

A recent analysis by the investment banking company J.P. Morgan said trade concerns, reduced demand for the U.S. dollar and increased central bank buying contributed to continuous price growth in 2025.

The price has been driven by economic and geopolitical uncertainty. Investors consider gold a safe haven when stock markets fall.

chris.kitching@freepress.mb.ca