Customs official said that 36-year-old Nanik Ramchandani, an Indian national residing in Singapore, was detained for allegedly trying to smuggle the jewellery into the country.
He said the goods were seized and the man was being questioned by the customs authorities.
"Ramchandani had allegedly skipped Red Channel (made to declare dutiable goods inside the airport) at his arrival and went through Green Channel (made for non-dutiable goods).
During the X-ray screening of his baggage, officials detected jewellery in his baggage and stopped him, the official said.
In the search, officials found gold and diamond jewellery worth about Rs 40 lakh from his baggage.
Ramchandani, who has lived in Dubai for quiet some time before moving to Singapore, is an Asset Manager for big investors in India and abroad, an official claimed.
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"He is a frequent flyer. During initial investigation he has claimed to have brought the jewellery for his personal use.
"The interrogation was still continuing," the official said.
Ramchandani had come in the country with his wife, he said.
Customs officials were keeping a strict vigil to check smuggling of jewellery at the airport which often tends to rise during the festive season.