At 6.29pm on Thursday, police received reports of an ongoing robbery at Mirpur Jewellers, in Harehills Road, Harehills.
The offenders had driven a Toyota RAV4 into the shopfront and entered the store armed with hammers.
They smashed display cabinets and stole various items before driving off in a dark-coloured Audi car, leaving the Toyota at the scene.
Armed officers were deployed to the scene and searched the area, but the offenders were not located. No-one was injured.
Detectives from Leeds District CID are continuing to carry out enquiries into the incident.
Officers from the local neighbourhood policing team are increasing their patrols of the area to reassure the community.
Anyone who witnessed the incident, particularly anyone with relevant phone or dashcam footage, or who has any information that could assist the investigation is asked to contact Leeds District CID via 101 quoting crime reference 13240180444 or online via www.westyorkshire.police.uk/livechat