Last evening, Ganesh Joginder Prasad of Mumbai and Mohan alias Lucky, a dry cleaner, were arrested by the Maharashtra and Jammu-Kashmir police from Channi Himmat area in Jammu.
The jewels, weighing about 500gms, were stolen from Kalyan in Mumbai on October 17, police said.
The Maharashtra police reached Channi Himmat area and sought the local police's assistance.
The accused along with the recovered jewelry were later handed over to the Maharashtra police after completing the legal formalities, they added.