Burglars on Wednesday night broke into a jewelry shop in Nawa Kadal area of downtown and decamped with ornaments.
They also set fire to the shop, said the owner Muhammad Yousuf Zarkoob.
Four shops were gutted in the incident, he said.
The shopkeepers said that flames erupted in the jewelry shop and engulfed three other shops belonging to Khalid Electronics, Muhammad Ayoub Sofi and Jehangir Ahmad Mattoo.
SHO Safa Kadal told Greater Kashmir that they have been registered an FIR.
"Further investigations have been taken up," he said.