The theft took place on Monday afternoon when the jewellery shop in Naigaon area was closed for lunch, a police official said.
Police PRO and DSP Suresh Nirmal, in a release last night, said a case has been registered in this connection and a hunt is on for the burglars.
The burglars drilled a hole on the wall of a building adjacent to the jewellery shop and entered between 2 and 4.30 pm when it was closed and the owner had gone home for lunch, Nirmal said.