Hemant Kaushal was inside his shop and was teaching his 13-year-old son when three men, who were wearing helmets, stopped on a motorcycle outside his shop around 3.55 pm, they said.
Two of them barged inside the shop and took the jewellery in a bag. While they were leaving, Mr Kaushal tried to catch hold of them and was shot in the chest by one of them, police said.
He was rushed to a hospital where he was declared brought dead.
Mr Kaushal's family lived on the first floor of the building in which his shop was located.
The value of the robbed items is yet to be ascertained since the family is in a state of shock even though it is suspected that they are worth over Rs 10 lakh, police said.
Police is scanning the CCTV footage from the shop to obtain clues to identity the accused.