A 71-year-old woman is facing charges after a Toronto jeweller went to police claiming an employee of a competing cash-for-gold business had hired a hitman to kill him.

The alleged plot came to light when the man who had been asked to carry out deed met with the supposed target.

Jack Berkovits, the owner of Omni Jewelcrafters in the city's north end, reported the incident to police. Berkovits says the man who claimed to have been hired for the job also gave a statement to authorities.

"At all times I kept working very, very hard not to get scared and not letting him get to me," Berkovits told CTV from Florida where his is vacationing.

"And I said: ‘And, why are you going to be so nice to me?' And he said: ‘Because you're a decent person and I don't just do it for the sake of it.'"

Maria Konstan, a long-time employee of Harold Gerstel, who owns a store across the street from Omni near Bathurst Street and Glencairn Avenue, was arrested and released on bail.

Gerstel -- better known as Harold the Jewelry Buyer -- declined to comment on the accusations, but insisted they were completely absurd and fabricated. Gerstel is not facing charges.

The highly competitive cash-for-gold businesses have recently seen increased profits as the price of gold continues to rise.