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The 52-year-old suspect has been extradited back to France to face trial after being picked up in the northern Belgian town of Antwerp and interrogated by police there, the Het Laatste Nieuws daily reported.
There was no word of when the suspect was arrested or whether police recovered any of the haul of 6.6 million euros (9.3 million dollars) from the hold-up at the exclusive Chopard store in central Paris.
Authorities in Antwerp -- one of the biggest diamond centres in the world -- could not be contacted immediately to confirm the report.
A man in his 50s, dressed in a suit and hat passed himself off as a customer to get in through the Chopard security door before producing a handgun during the robbery on May 30.
He ordered staff to give him jewels then escaped on foot, with the whole robbery lasting just two minutes.
The robbery took place over the Whitsun weekend, when the city centre was packed with shoppers and tourists.
Chopard makes watches and jewels for the stars and has branches in most of the world's capitals. It also manufactures the distinctive Palme d'Or trophy for the Cannes film festival.
Last December thieves staged a record 100-million-dollar jewel heist at the Harry Winston boutique in the posh Avenue Montaigne of the Champs-Elysees.