The gang struck simultaneously at Mahalaxmi Jewellers at Gujari Market and Pramod Kallappa Kolekar Jewellers on Jyotiba Road around 4.30 am, CCTV footage at the two shops showed.
The robbers opened the doors using iron rods, it showed.
Senior officials of Kolhapur Police rushed to the spots after the heists came to light. Further probe is on.
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