The incident took place when Devendra Agrawal was opening his jewellery shop under the Mandideep police station area at around 11 AM, Superintendent of Police Dipak Verma told PTI.
A person got down from a motorbike, snatched his bag containing four kilograms of gold jewellery, as claimed by Agrawal, and jumped onto the pillion of the waiting motorbike, which sped away, the police official said.
He said that a massive search is on to identify and arrest the accused who are in their twenties.
"I am in a vehicle, rushing to the spot," he told PTI at 7.30 PM today.