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New Jersey, N.J.--A jewelry store owner said he was robbed of nearly half a million dollars in cash and jewelry Sunday afternoon. He added that he did not have insurance on his inventory.

[Image via New Jersey 101.5]

A report stated that five masked men entered Sara Jewelry, located on Newark Av., around 4:35 p.m. The suspects stole $20,000 in cash and fled with an unknown amount of jewelry.

The store's owner Waheed Akbary told NBC New York that the robbers cleaned out the store in two minutes, stuffing the items in black bags — the incident was captured on video by another business across the street.

Akbary revealed that he hadn't insured his inventory. "No insurance for any of the products," he explained. "We thought the street is safe because there are always cops here," he told NBC 4, New York."

In the report, employees said that at least one other jewelry store in the area was robbed this year.

Read more in the report.