A jewelry dealer is recovering today after a group of men attacked him and stole his suitcase containing $400,000 worth of gold and diamonds. NBC Bay Area reports that, to make matters worse, the goods were uninsured.

The unnamed 72-year-old man had just exited the Jewelry Center on Utah Street last night around 6:30 p.m. when he was ambushed by at least three men. The dealer was struck in the chest, and the crooks made off with the merchandise. The victim's cousin, David Makaran, told the channel that the thieves had likely been keeping a close eye on his relative.

"They probably waited for him to go in, watched him, and when he came out, they ran out and jumped him," explained Makaran. "There’s no tracking on a diamond or gold items. Some people might pawn it off for maybe 10 percent of the value, so they might get $30,000 to $40,000 for it."

Some diamonds do of course have serial numbers laser engraved into them, however it is unclear if the stolen stones had been marked in such a manner. Gold can simply be melted down.

According to CBS 5, the independent dealer was mostly uninjured after the robbery — just in a state of shock.

A Jewelry Center security guard saw the heist go down via video surveillance, but it was already over before he had a chance to hit the alarm. "Most people in this business don’t carry protection on them," he told the channel. "They should at least use pepper spray."

Related: Two Suspects Sought In Major Jewelry Heist Near Union Square