Officers are now investigating the 'heartless' crime that happened on the morning of Saturday, July 7.
The 28-year-old and his pet Staffordshire bull terrier were walking along Halesowen Road, Cradley Heath at 3am when a blue Mondeo drove into them at speed.
The force of the impact was so great the victim was knocked through a shop window and as he lay injured, the driver and passengers snatched his neck chains and bracelet then fled.
Detective Sergeant Martin Richardson, leading the investigation, said: "The Staffy and his owner were lucky enough to escape serious injury or even death at the hands of these reckless individuals.
"Thankfully they are both recovering from cuts and bruises at home, though the dog remains very distressed."
The investigation team has been working round the clock since the incident was reported; gathering CCTV, forensic evidence and conducting specialist vehicle checks.
They have now launched a public appeal for information and have released images of three suspects who were spotted in a nearby shop shortly before the robbery.
Det Sgt Richardson added: “The fact that someone was willing to gamble with the victim and his pet dog’s life in order to steal a very small amount of jewellery is utterly shocking.
“Whoever is responsible simply cannot get away with this, and I’m asking for the public to help my team apprehend them. If you witnessed the incident or know who is responsible please contact us.”
Anyone with information should call 101 quoting crime number 20SW/152098L/18.