Man arrested after record-breaking jewel heist

A 50-year-old man has been arrested over the record-breaking raid on an exclusive London jewellery store.

Metropolitan Police arrested the man outside a home in east London. He was later released on bail.

Detectives revealed details of yesterday's arrest overnight, 24 hours after making a public appeal for information on the £40 million ($98 million) robbery at Graff Diamonds in Mayfair.

A spokesman said detectives were following up several leads based on CCTV pictures of the two armed robbers they released in an effort to catch the pair behind the heist.

The men, dressed in smart suits and ties, made off with 43 items including valuable diamond earrings, necklaces and watches during the daring daylight raid last Friday.

Warning shots were fired and a female staff member briefly held hostage during the holdup, which lasted just minutes.

Police believe the robbery is Britain's biggest jewel heist, topping a £23 million ($56 million) raid at the same store in 2003.

- AAP