Met Police says criminals are targeting jewellery stores due to the soaring cost of gold and a booming second-hand market for luxury watches
Criminals are smashing cars into jewellery stores with soaring cases of “smash and grab” raids, police are warning.
The crimewave is being fuelled by the soaring cost of gold and a booming second-hand market for luxury watches in Dubai. Police have seen more cases of criminals ploughing vehicles into high-end shops to nab jewellery and designer gear.
Metropolitan Police detective chief inspector Scott Mather, a senior Flying Squad officer, said: “We have seen a bit of a spike recently [in smash and grabs]. There has been a rise in the price of precious metals — gold and silver — at the moment.
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“That automatically means people’s profits increase for doing these jobs. From speaking to our partners in the jewellery world, they think that is a driver for it.”
From November 2025 to February, there were eight smash-and-grabs across London.
Meanwhile, the value of gold has rocketed in the past 12 months over geopolitical tensions, reaching a record of £4,074 an ounce last month. The precious metals are seen as safe investments which increase crooks’ profits as they can melt it down easily.
Sarah Staff, a former Met officer who now runs the SaferGems initiative within the British Security Industry Association, said: “[Gold] is an easy commodity to get rid of. You steal it, melt it down and then sell it.”
Meanwhile, Rolexes on the second-hand market in Dubai are more expensive because you don’t have to be put on a waiting list.
Gold is seen as a so-called safe investment which is expected to retain or increase its value during times of market turbulence or economic downturns. And its price is expected to carry on rising for the next few years as economic uncertainty spreads.
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