The men threatened staff at the Beaverbrooks shop at Glasgow Fort, in Easterhouse, with what appeared to be a firearm, before making off with a large quantity of jewellery.
Police at Shettleston are now appealing for witnesses to the robbery, which occurred at around 11.10am, yesterday.
No shots were fired and no-one was injured during the raid and it is believed the suspects made off in a silver Volkswagen Golf in the direction of Easterhouse.
A similar car was found a short time later burnt out in Connisborough Road.
Both suspects are described as white, the first man as 6ft 3in tall and of slim build.
He was wearing a grey hooded top – possibly Nike – with thick white draw strings and dark trousers.
The second man is described as 5ft 8in tall and of stocky build.
He was wearing a black zipped hooded top – possibly Ralph Lauren, jeans and white trainers.
Detective Inspector Laura Thomson, of Shettleston CID, said: "It is important that we trace anyone who saw the suspects or has any information that can assist this investigation.
"At this time, it has still to be established exactly what was stolen and the value of the jewellery but it is believed to be a considerable amount.
"I would urge anyone who saw anyone behaving in a suspicious manner at The Fort around 11am yesterday morning or saw the suspects enter or leave the premises to come forward.
"I am also anxious to speak to anyone who saw the silver coloured Volkswagen Golf car driving from the scene."