The pair smashed display cases to get to the jewelry at the Woodgrove Mall business and made threats to employees. No one was injured.
Nanaimo RCMP were called about 8:40 p.m., while the robbery was still in progress. They were given a description of the getaway vehicle, located it on the Inland Island Highway and followed it to Ladysmith.
Two suspects have been arrested.
Nanaimo RCMP ask anyone with information to contact them at 250-754-2345 or Crime Stoppers at 1-800-222-TIPS (8477).