The theft happened at around 2.50am yesterday (Monday when a couple, both in their 70s, were woken by two men who had broken into their house in Spa View Road, Hackenthorpe.
Police said the two men, who were wearing masks, confronted the couple in their bedroom before reportedly threatening them with a small knife.
A spokesman for South Yorkshire Police said: "Thankfully, the couple were not injured during the incident; however the men did take the woman’s engagement ring, a gold bracelet and her handbag before leaving the house."
The men are described as slim, with one about 6ft 2ins tall and the other 5ft 10ins tall.
They were both white and possibly in their early 20s.
Both suspects spoke with local accents and were wearing dark clothing.
Officers investigating are appealing for witnesses to come forward.
Anyone with information is asked to call 101 or Crimestoppers anonymously on 0800 555111 quoting incident number 174 of 29 May 2017.