A MAN has been arrested in Ilford in connection with Britain's biggest jewel heist, police have revealed.

Following the £40million armed robbery at Graff jewellers in Mayfair last Thursday, the Metropolitan Police have said that a 50-year-old man was arrested outside a home in Ilford on Monday.

CCTV images have been released of two men, who pulled guns on staff at the diamond specialists in Bond Street after strolling past security.

They fired at least two shots as they made their getaway with 43 expensive items in a relay of different cars.

A female staff member was seized but no one was hurt in the incident.

The two robbers, who posed as businessmen, stole diamond-encrusted rings, bracelets, necklaces and watches in what is thought to be Britain's biggest jewel heist.

Britain’s previous biggest diamond jewellery robbery is believed to be a £23 million raid, which also took place at Graff's, in 2003.

Experts believe that haul may have been instantly transported out of the country but new lines of inquiry have opened since the CCTV images were released this week.

The man arrested in Ilford has been released on bail.