A silent alarm was set off in the store, with shots reportedly being fired inside when police arrived.
The suspects fled in a truck, then carjacked the UPS delivery truck and its driver not long afterwards to start the chase into the southern portion of Broward County, news.com.au reports.
The truck could be seen running multiple red lights and swerving in and out of traffic, narrowly avoiding some crashes along the way.
The UPS truck finally stopped in one of the middle lanes of a busy roadway, caught behind a wall of other vehicles waiting for a red light to turn green.
Footage from the scene shows police firing at the truck. Photo / Supplied
Television footage showed several officers on foot, some with guns drawn, approaching the truck once it stopped from the rear and the driver's side.
News helicopters were following the chase and at least one showed the conclusion live, with one person falling out of the vehicle's passenger side after several shots were fired.
It was unclear if the shots were fired from inside the truck, from police who were moving in or a combination of both.
"This is what dangerous people do to get away," Coral Gables Police Chief Ed Hudak said.
"And this is what people will do to avoid capture."
A bullet reportedly hit a window at Coral Gables' City Hall, which was locked down but no one inside was believed to be injured.
Hudak said officers responded within 90 seconds, including one officer on foot who was involved in a nearby traffic stop.
It was not immediately clear if anything from the jewellery store was taken.
Hours after the chase ended, medical gauze, wrappers and other debris remained strewn across the Miramar roadway's middle lane, next to the truck which still had its right rear door open. Traffic remained stopped, and it was not clear how long it would take investigators to clear the scene.
