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After leaving the showroom, the robbers attempted to loot other shops in the vicinity, but the shopkeepers managed to foil their plan by throwing red chili powder into their eyes, forcing them to flee, they said.
Police have registered a case against unidentified individuals after collecting CCTV footage from the area to identifying the suspects.
A PCR call was received from the showroom in the Y-Block area on Saturday evening reporting the robbery.
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As per preliminary probe, a group of around eight men entered the showroom armed with knives, broke the glass shelves, before decamping with gold jewellery valued at approximately Rs 12 lakh.
They also snatched belongings of customers present at the store at the time, threatening to kill anyone who resisted.