Gold from Toronto Heist “is in Dubai or India”

Police investigating the theft of CAN$20m (US$14.5m) of gold from Toronto Pearson Airport last April – the biggest heist of its kind in Canada – say much of it ended up in Dubai or India.

The perpetrators used a fraudulent airway bill (carrier’s document of instruction) for shipment of seafood to dupe Air Canada Cargo warehouse staff, then used a forklift truck to empty a container packed with 6,600 gold bars, as well as foreign currency.

“We believe a large portion has gone overseas to markets that are flush with gold,” said lead investigator Det. Sgt. Mike Mavity, as reported by CBC News, Canada’s national broadcaster.

“That would be Dubai, or India, where you can take gold with serial numbers on it and they will still honour it and melt it down. And we believe that happened very shortly after the incident.”

Police have arrested nine men in connection with the case and are searching for three others involved in what is believed to have been an “inside job”.

They say the Project 24 Karat investigation has cost CAN$5.3m so far (US$3.9m) and could end up costing CAN$ 10m (US$7.3m).

Source: DCLA

Asian Star Sales Slip Amid Weak Diamond Demand

Sales slumped at Indian diamond manufacturer Asian Star in the final three months of the year amid a weak market and an oversupply in the midstream.

Revenue on a consolidated basis — which includes subsidiaries in the US, Dubai and Hong Kong — fell 13% year on year to INR 6.98 billion ($84.1 million) in the company’s third fiscal quarter, which ended December 31, it reported last week. Sales slid 24% compared to the previous quarter. Net profit grew 37% to INR 182.5 million ($2.2 million).

Those figures reflected weak demand for diamonds in the US and Chinese markets, which discouraged jewelers from restocking. In China, gold jewelry was more popular throughout the period than those set with diamonds, according to Hong Kong jewelry retailers Chow Tai Fook and Luk Fook.

Revenue from the company’s diamond segment dropped 17% to INR 5.7 billion ($68.7 million), while sales of gold jewelry increased 9% to INR 1.74 billion ($20.9 million).

Source: DCLA