The robbery took place at the Clive Ranger store in Cardiff
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Police investigating the raid on a Cardiff jewellers have arrested three people.
Two men from the Cardiff area, aged 25 and 26, were arrested in the Begelly area near Tenby.
The pair are being taken back to Cardiff to be questioned, South Wales Police said. A 26-year-old woman has also been arrested.
A large amount of jewellery was stolen from the city centre Clive Ranger store, including two rare Faberge eggs.
South Wales Police are still appealing for anyone with information about the theft of a large quantity of jewellery from the Clive Ranger store in Cardiff to come forward.
Detective Chief Inspector David Bishop said: "We are still appealing for people to assist us with this inquiry."
Anyone with information in relation to the robbery and the whereabouts of the property stolen are urged to contact the incident room on 029 2052 7420 or Crimestoppers on 0800 555 111.