Police said a group of four – one brandishing a firearm – entered Kingston Jewellers on Ropergate at around 2.35pm on Thursday, September 11.
Two men and a woman, all from the Bradford area, have been arrested in connection with incident but have been released on police bail.
The group threatened staff in the store before making off with a large quantity of jewellery in a car which was later found burnt out on wasteland just off Wakefield Road, near the junction with Jubilee Way.
DI Steve Greenbank, of Wakefield CID, said: “This was a particularly nasty robbery and enquiries into the it are continuing.
“Staff at the shop were shaken but thankfully no-one was hurt. I would appeal to any witnesses or anyone who has information about the crime to come forward.
“Someone out there knows what happened and who was responsible and I am appealing directly for anyone who can help to get in contact.”
DI Greenbank said detectives are also looking for a silver coloured Vauxhall Astra in connection with the incident.
He added: “Through our enquiries we believe the incident has links to the Bradford area and so I am appealing particularly to people in the city to come forward with information.
“We have so far arrested three people: two men and a woman aged in their 20s have so far been arrested in connection with the incident.
“They are all from the Bradford area and have all since been bailed.
“Our enquiries are very much ongoing into the incident.”
Anyone with any information should call Wakefield CID on 101 .
Alternatively, call Crimestoppers, anonymously on 0800 555111.