Police personnel from the crime branch and Anti-robbery Cell (ARC) arrested four people including a woman, in connection with the case, the police official said.
The four accused have been identified as Sujal Sheikh (32), Nazir Sheikh (27), Firoz Sheikh (37) and Sazida Sheikh (35), the police official said.
On September 20, early morning, the accused entered the jewellery shop by breaking the air-conditioner grill, the police official said.
After the accused were arrested, the police seized around 60 per cent of the stolen booty, the police official said.
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The police official said that the three accused had gathered at South Mumbai to sell a part of the stolen booty, adding that the police had prior information that they would reach there to sell the ornaments.
This led to the arrest of the three accused who took the police to the woman who had given shelter to the accused after the robbery, the police official said.
The police official said that interrogation of the accused revealed that they had watched the shop for two months before committing the crime.