Two masked raiders, wearing white forensic-style suits, ran into Guest & Philips, in Beverley, with a shotgun and an axe.
One of the robbers threatened staff with a firearm, believed to be a sawn-off shotgun, and told them to lie on the floor.
The other smashed glass display cabinets with the axe, grabbing high-value Cartier and Gucci watches.
A third gang member had a getaway car outside.
Philip Guest, a partner in the family business, hit the panic button to alert police, before running to an upstairs window to shout a warning to passers-by in the market place.
As the gang escaped, one pointed a gun at a delivery driver who had blocked their escape. Mr Guest threw a vase at one of the gang from an upstairs window.
Mr Guest said: "They were armed with what looked to be a sawn-off shotgun and they were disguised in disposable suits and hoods, like you see in crime scenes, so they wouldn't leave any DNA.
"They went straight into the watches section in the shop, I saw them and yelled. They came out and pointed the gun at me and told me to move through but I didn't.
"I was in the jewellery section, they wanted us all together so they could keep an eye on us all. I put my hands up and said OK but I didn't go."
Mr Guest, 52, locked the doors to valuable window displays.
He said: "All they wanted was the Cartier watches. We believe they have stolen many tens of thousands of pounds' worth."
A delivery driver used his vehicle in an attempt to block the getaway, shortly after 9.30am yesterday.
Mr Guest said: "The delivery man tried to block them in, they pointed a shotgun at his head from close range.
"I ran upstairs and threw a Chinese vase through the window. I hit one but, unfortunately, not on the head."
www.linoro.comPhilip Guest, a partner in the family business, hit the panic button to alert police, before running to an upstairs window to shout a warning to passers-by in the market place.
As the gang escaped, one pointed a gun at a delivery driver who had blocked their escape. Mr Guest threw a vase at one of the gang from an upstairs window.
Mr Guest said: "They were armed with what looked to be a sawn-off shotgun and they were disguised in disposable suits and hoods, like you see in crime scenes, so they wouldn't leave any DNA.
"They went straight into the watches section in the shop, I saw them and yelled. They came out and pointed the gun at me and told me to move through but I didn't.
"I was in the jewellery section, they wanted us all together so they could keep an eye on us all. I put my hands up and said OK but I didn't go."
Mr Guest, 52, locked the doors to valuable window displays.
He said: "All they wanted was the Cartier watches. We believe they have stolen many tens of thousands of pounds' worth."
A delivery driver used his vehicle in an attempt to block the getaway, shortly after 9.30am yesterday.
Mr Guest said: "The delivery man tried to block them in, they pointed a shotgun at his head from close range.
"I ran upstairs and threw a Chinese vase through the window. I hit one but, unfortunately, not on the head."
DPD delivery driver Jonathan Robshaw, 38, said: "I came round the
corner and was under the illusion there was some kind of road rage
incident going on.
"Someone opened the passenger door of my van and said not let this driver get away.
"I obliged and pulled in front of this silver Vauxhall Omega parked outside Guest & Philips, then three guys ran out.
"One went into the driver's side, one stood towards the near side rear of the car and the other was over the boot at the back of the car.
"Still at this point it had not dawned on me.
"One pointed a sawn-off shotgun at the windscreen of my van and told me in no uncertain terms to move, so I moved."
Detective Chief Inspector Alistair McFarlane described the robbers as dangerous but said it was an extremely rare offence.
No shots were fired and no one was injured.
"Someone opened the passenger door of my van and said not let this driver get away.
"I obliged and pulled in front of this silver Vauxhall Omega parked outside Guest & Philips, then three guys ran out.
"One went into the driver's side, one stood towards the near side rear of the car and the other was over the boot at the back of the car.
"Still at this point it had not dawned on me.
"One pointed a sawn-off shotgun at the windscreen of my van and told me in no uncertain terms to move, so I moved."
Detective Chief Inspector Alistair McFarlane described the robbers as dangerous but said it was an extremely rare offence.
No shots were fired and no one was injured.
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