Police say the men took the victim at gunpoint from his home on the 90800 block of Cabanas Avenue around 11:30 p.m. on Friday. Authorities say the victim's wife was tied up.
The suspects took the jeweler's car and started driving him to his store near Sherman Way and Bellaire Avenue.
When the suspects were near the store, police say they abandoned their robbery plan after spotting patrol cars and a helicopter nearby.
They let the victim go in Van Nuys around 12:30 a.m. Saturday.
The men got away with the car, keys to the store and some valuables from the victim's home.
Police are searching for the stolen vehicle, a dark green Mercedes-Benz GL 450 with license plate 5YGC426.
City News Service contributed to this report.