Crown Diamond in Union Street and Platinum Fine Jewellery in Brighton Square shut with no explanation at the end of last year.
After the closures, Sussex Police launched an investigation amid concerns from customers regarding property held by the businesses owner on their behalf.
The force has now said a 46-year-old woman from Brighton was arrested on suspicion of conspiracy to defraud and has been bailed, pending further enquiries.
A spokeswoman said: “Police are investigating a report of alleged fraud made on January 3 in Brighton.
“It relates to alleged transactions made in relation to a premises in Union Street in May last year.
“We can confirm that we are investigating further linked reports.
“Anyone with information or who has been impacted can report information to Sussex Police online, quoting serial 759 of 06/01.”
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