The suspects, aged between 48 and 76, landed in the police net for conspiracy to burgle 'Hatton Garden safety deposit' after a series of raids on 12 different areas in London and adjoining places.
A "significant amount of high-value property" have been recovered by officers which they believe was stolen during "the raid on the safe deposit company over the Easter bank holiday."
Police said that it was too early to say whether victims of the jewellery heist would get their belongings back, but a source said that "if it does turn out that we have people's property and they can be established as the rightful owners, then of course we will return it".
More than 200 officers carried out raids in across 12 addresses in London and Kent.
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Following the heist, media reports said that diamonds, jewels and cash worth tens of millions of pounds were stolen during the night of April 3, at the start of the Easter bank holiday weekend.
Commander Peter Spindler, head of serious and organised crime at the Metropolitan Police, said the arrests came as part of a "highly complex" police operation in the weeks since the robbery in early April.
In a statement, Commander Spindler said, "The Metropolitan Police takes these types of crimes very seriously.
"At times we've been portrayed as if we have acted like Keystone Cops but I want to reassure you that in the finest traditions of Scotland Yard, these detectives have done their utmost to bring justice to the victims of this callous crime.