Two raiders struck at Rox in Edinburgh, which opened four months ago in a event attended by rapper Labrinth.
The robbers, one said to have been armed with a gun and the other with an axe, smashed display cabinets before seizing items worth up to £100,000 each.
Both men put on helmets and made off on a motorbike following the raid at the George Street premises at 5.15pm on January 15
A black Honda 650 motorbike was later found abandoned in Northumberland Street Lane North. One of the men's helmets was red and the other was white.
Since the the jewellers has spent £50,000 on extra security at the store, including a full-time security guard and a locked door policy.
A smoke cloud system, which fills the shop with a thick fog to reduce visibility, has also been installed by the retailer.
The two arrested men, aged 25 and 26, are scheduled to appear at Edinburgh Sheriff Court today.