Police have arrested five teenagers over the daylight robbery of a Toorak jewellery store.

Glass cabinets were smashed and a large sum of jewellery was taken from IMP Jewellery, on Toorak Road, during the robbery on Saturday January 14, police say.

IMP Jewellery owners Denis Kelleway and Tony Fialides. Credit:Penny Stephens

It is alleged four males entered the shop just before 1pm.

It was the second time IMP Jewellery had been robbed in recent months. In October last year three masked men broke cabinets and stole jewellery.