The incident happened at Travers Fine Jewelry, located at 962 Madison Avenue, just after 4:30 p.m.
The two men threatened the employees with hammers before removing several pieces of jewelry from the display cases worth an estimated $15,000.
Several employees, including one brandishing a chair, attempted to stop the suspects and chased them from the location.
No injuries were reported.
The first suspect is described as a male standing approximately 5-foot-9 and weighing 165 pounds. He was wearing a black jacket and ski cap.
The second suspect is approximately 6-foot-2 and weighs about 200 pounds and wearing a gray hooded sweatshirt.
Anyone with information in regards to this incident is asked to call the NYPD's Crime Stoppers Hotline at 800-577-TIPS.
