The police seized diamonds, sapphires, emeralds and other precious stones worth about $82.3 million (2.5 million rubles).
Police acted on a tip-off regarding illegal distribution channels for the black market gems through pawnbrokers and jewelry stores.
"It has been established that they [the suspects] were engaged in the manufacturing of jewelry involving precious stones in low grade gold and silver," a police statement says cited by the RIA Novosti news organization.
"Fake stamps were applied to the jewelry from brands and factories that make products from precious metals. These products were then sold to consumers," the statement adds.
Two local men, aged 27 and 37, were arrested on suspicion of trafficking in gemstones and precious metals, and could be jailed for up to 12 years in prison if convicted.