Officials say the man robbed the store with two accomplices. The accomplices are both in custody.
The store, Tala, is located on Montana Avenue.
Cristy Fajardo, reporting from the scene for CBS2, said dozens of officers were investigating and involved in the manhunt.
Beverly Hills officers and K-9 units from Beverly Hills and Santa Monica aided in the search for the men. Fajardo also reported the presence of a LAPD chopper overhead.
Witnesses said three men walked into the upscale store around 5 p.m. At least one of the men was armed with a gun.
The suspects used a sledge hammer to break glass display cases where the jewelry was being held.
When the suspects fled, the people in the store — who were not hurt — called 911.
Police spotted the getaway car a short while later, according to authorities.
After a short pursuit, they said the suspect’s car crashed and ran away.
Police captured one of the men nearby on Centinela Avenue. The second man was found hiding in a home two hours later.
Officials set up a large perimeter to find the last suspect.