SAN FRANCISCO (KPIX 5) — An elderly man was punched and then robbed of a bag containing around $400,000 in jewels in San Francisco’s South of Market neighborhood Thursday.

The bag, containing diamonds and gold, was stolen by a group of thieves on Utah Street from a man who was delivering the jewels to a jewelry market.

The 72-year-old victim is in shock, but otherwise okay. A family member said the jewels were not insured.

David Makaran, a relative of the victim, said he wouldn’t be surprised to learn that the suspects had been watching the jewelry dealer for a couple days prior to attacking him.