The theft allegedly involved four males entering the store just before 1pm on Saturday 14 January.
CCTV footage showed the men smashing glass cabinets and filling bags with jewellery before fleeing in a car. A staff member was also injured during the incident after being hit on the head with a gun.
According to Victoria Police, the arrests were made following a number of search warrants issued throughout Melbourne.
Two 16-year-old males were arrested in Shepparton on 19 January and have been charged with armed robbery and firearm possession.
Victoria Police stated both teenagers were remanded in custody and would appear at a children’s court at a “later” date.
In addition, two 16-year-old males from Epping and Richmond and a 17-year-old male from Epping were arrested on 20 January.
Each was reportedly charged with armed robbery and would also appear at a children’s court at a later date.
Ongoing investigation
The arrests follow last week’s announcement that a Victoria Police taskforce was established to investigate a series of recent jewellery store robberies across Melbourne.
As previously reported by Jeweller, an armed theft took place at Holloway Diamonds in Canterbury on 12 January, while H&H Jewellery in Elsternwick was robbed on 4 January.
Armed thieves also targeted IMP Jewellery in October 2016, stealing jewellery valued at about $200,000.
Victoria Police assistant commissioner Robert Hill said the recent jewellery store heists were subject to a thorough and ongoing investigation.
“Police can assure the community that we are committed to investigating these incidents, identifying and arresting all those who are involved, whether it be those who plan or actively commit the offences,” he stated.
Jewellers were also reminded that Victoria Police would conduct an industry seminar at the Victoria Police Complex in Melbourne at 6pm today, Tuesday 24 January.
The event is held in conjunction with the Jewellers Association of Australia, the Gemmological Association of Australia and the Gold and Silversmiths Guild of Australia.
For more information and booking details, click here.
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Melbourne jewellery stores under attack