Sr PI SD Korde of Kopri police station told PTI that the accused had looted gold and silver jewellery worth Rs 7,53,500 from the shop on November 12.
The robbers had made use of duplicate keys and opened the shop shutter in the night, he said.
A team of cops from Kopri police station got a tip off that this was the handiwork of an insider and zeroed in on the accused from Rajasthan this week.
Also, around 7 kgs of silver and 300 gms of gold ornaments valued at around Rs 2.90 lakh was recovered from them.
Those arrested were identified as Kamlesh Mohanlal Nai, Bhavani Shankar Vardishnakar Nagda, Bhavanisingh Shankar Singh Rajput (employee) and Bhairusingh Dasana, police said.
Bhavanisingh got the duplicate keys made and helped the others in the theft, they said.
Police are on the look out of two more persons who were also part of the gang and are still at large.
Offences under 457,380 rw 34 of the IPC have been registered against the accused with Kopri police station.
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