Chicago police said the woman was robbed as she was leaving King's Jewelry in the Chicago Lawn neighborhood just before 6 p.m.
The thieves then held a 59-year-old man at gunpoint and demanded a keycode so that they could take property from within the jewelry store in the 2400-block of West 63rd Street., police said.
The offenders fled the scene and nothing was stolen from the store.
No one is in custody at this time, according to CPD.
Area Central detectives are investigating.