According to the police, the incident took place at around 4.30 pm.
The robbers asked the staff at the PMJ Jewellers to hand over the all the jewellery at gun-point, the police said.
They had arrived in a stolen car, police said, adding that CCTV at the shop had captured their faces.
The shop is owned by Pankaj Suresh Sharma and Dinesh Kankariya of Hyderabad.
Further probe is on.
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