His accomplice was severely injured during the shootout died on the scene.
Provincial police spokesperson, Brigadier Leonard, Hlathi said two armed men went into the jewellery shop.
"They held the employees as well as the client at gun point and thereafter helped themselves with the jewellery," said Hlathi.
"While the thugs were still inside the shop and noticing movement of security guards at the complex, they contacted their getaway vehicle, attempted to get to it and in the process they began to fire shots at the police who had already been summoned."
Hlathi said when the driver noticed the gunfight, he sped off leaving the men behind.
He said one of the suspects ran towards nearby houses, but he was also eventually arrested.
Police recovered one unlicensed firearm and the stolen items.
The 30-year-old suspect faces charges of business robbery, attempted murder and possession of an unlicensed firearm.