Police are currently in attendance in Saturday Market, Beverley after reports were received of a robbery at Guest & Philips Jewellers.
The call was received at 0933hrs and police were immediately deployed.
A quantity of high value wrist watches are believed to have been stolen by men who entered the store shortly after it had opened for business and threatened staff with what is believed to be some sort of firearm before making off.
No shots were fired and nobody was injured.
Officers are currently in the area conducting searches and speaking to witnesses.