The alleged robbery took place at Litan Jewelers on 5th avenue in the Sunset Park section.
The 55-year old owner of the store was shot in the right leg and taken to Lutheran Hospital, where he is listed in stable condition.
Police have one suspect in custody, and are searching for two others that fled the scene.
At this time they believe only one of the suspects had a weapon.
After the suspects entered the store and announced a robbery, the owner began arguing with them and chased them outside with an umbrella, where the shooting took place.
Rings that were stolen from the store were recovered on the street.