This is one of four that were launched today (February 12th), including self assessment tax return repayments in the south-east, fast food outlets in East Anglia and tax evasion in Northern Ireland.
While the department is only targeting a minority of taxpayers that are doing wrong, the jewellery taskforce is expected to recoup as much as £2.5 million.
Jennie Granger, Director of General Enforcement and Compliance at HMRC, said that there is no hiding place for those doing wrong.
"Most people and businesses voluntarily comply, so it is important we deal firmly with those who don't," she noted.
"The message is clear - if you choose to defraud the tax system or seek to evade tax, we can and will track you down. You will face not only a heavy fine, but possibly a criminal prosecution as well."
Taskforces aim to help raise an extra £7 billion from tax evasion, avoidance and fraud every year until 2014-15.
Posted by Emily Smith