UPDATE: Police are on the hunt for at least two men who robbed a jewelry store in New York City's "Diamond District" this afternoon.

Read more from FoxNews.com:

The gun-point robbery occurred at a jewelry store in on 47th Street, where a row of jewelry shops hawk gold and diamonds. The suspects made off with an unspecified amount of jewelry, a police official told The Wall Street Journal.

The suspects were only described as black and one was wearing a long black trench coat. Witnesses said the men put on masks as they entered the building and were carrying large weapons. Police were at the scene quickly and initially believed that the suspects were still inside the building, according to MyFoxNY.

Original story:

There are reports of an armed robbery in New York City’s “Diamond District.”

A local merchant told David Lee Miller that it is believed the robbery took place this afternoon at 23 West 47th Street on the eighth floor.

Police are on the scene at the merchant’s business, and one of the concerns is that the building is joined to other ones, so there are worries that the robbers could still be inside.

Authorities have reportedly looked at surveillance video – nearly half an hour of it.

There has been no official statement from the police regarding what has taken place.

Watch the report below.