Police said in a statement on Friday they had charged the woman, 57, with several offences including aggravated robbery in connection with the alleged George Street heist on January 19.
It is alleged two thieves posing as customers threatened staff with a knife, before demanding access to the safe, then restraining two staff members and fleeing the premises.
Detectives have also arrested and charged two men, aged 37 and 57, and they remain before the courts.
The store owner, Michel Elias Germani, 65, has been accused of staging the theft and earlier this month was charged with a raft of offences including aggravated robbery.
Court documents seen by AAP allege Germani sought $2,821,348 from Barrenjoey Insurance, underwritten by Lloyds of London, by making false statements to do so.
A Downing Centre Local Court magistrate refused the jeweller bail on Wednesday, saying the case against him was strong.
The charged woman was due to face Burwood Local Court on Friday.
