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Toronto Pearson gold heist: Some gold was melted down in a GTA jewelry store basement – Toronto | Globalnews.ca

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Peel Regional Police tell Global News that some of the gold stolen in Canada’s largest gold heist was melted down in the basement of a Toronto-area jewelry store.

“In conjunction with other evidence, that leads us to believe that some of the gold was melted there,” police said in a statement.

“At this time, we cannot get into precisely how much was melted there.”

Last week, police made an announcement about the 6,600 gold bars valued at over $20 million that was stolen from an Air Canada cargo facility at Toronto Pearson Airport on April 17, 2023. Cash valued at $2.5 million was also taken, police said.

Several arrests were made and details of how the gold was stolen was revealed.

At the press conference, Det. Sgt. Mike Mavity told reporters a suspect arrived at the facility with a “fraudulent airway bill” and gave it to an attendant.

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Mavity said a short time later, a forklift arrived with a container of gold and foreign currency and it was loaded into the rear of truck driven by a suspect, who then drove off with the goods.


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Throughout the investigation, the only gold recovered from the heist were six gold bracelets resembling bangles. They were sent off for examination and considered to be pure gold with a total value of over $89,000, Mavity said.

Police noted in their statement this week that the gold bracelets were not found at the same location of the smelting tools and would not divulge where those tools were found.

“Regarding the remaining gold, our opinion is that it likely has left the country,” police said. “There is no gold ‘DNA’ as it is .9999% pure, so it is difficult to trace the gold in other markets without additional information.”

Nine people have been identified in connection with the case and have been arrested, charged or have Canada-wide warrants issued. Included in the arrests was a jewelry store owner and an Air Canada employee.


Peel Regional Police say these gold bracelets were seized as part of its investigation into the 2023 gold heist at Pearson airport.


Peel Regional Police photo


Peel Regional Police say this ‘fraudulent airway bill’ was used in the 2023 Pearson gold heist. The force, alongside the U.S. ATF, announced arrests into the case on Wednesday.


Peel Regional Police photo

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