The incident took place at Budhwar Peth in the heart of the city at around 8:15 PM yesterday, they said.
Armed with a revolver and sharp weapons, three robbers who had covered their faces, barged into R P Jewellers' store and threatened its owners and employees, they said.
The assailants tied their hands and legs and assaulted them before decamping with 2.5 kg gold, 5 kg silver bricks and Rs 1.5 lakh in cash, police said, adding the stolen precious metals had a combined value of around Rs 70 lakh.
There were no closed circuit cameras in the outlet. Police Commissioner Gulabrao Pol and senior police officials visited the shop.
