A jewellery store manager whose store was targeted in a frightening armed robbery in Melbourne’s east on Monday says his children are “terrified” after viewing the alarming CCTV footage.

Police allege the men stormed in to All Diamonds Jewellers on Riddell Parade just after midday and threatened staff, stuffed jewellery into a bag and fled to a waiting car.

Security cameras captured two masked men, one armed with a sledgehammer and the other a handgun, as they smashed through glass cabinets while three staff members were inside.

The offender armed with a gun appeared to force a female staff member to open a safe at gunpoint.

Perry Hannah, the manager of the store, had stepped out moments before the robbery and returned as it was taking place, desperately trying to get in to the store and protect his staff.

He described the scene as being “like a warzone”.

“I kept trying to push the door open to distract them and get them to panic,” he said.

“I could see them smashing the shop up, smashing cabinets … I opened the door and they pointed the gun at me.

A masked offender holds a female staff member at gunpoint. (Vic Police)

“My little daughter had to spend Tuesday with me because she saw the footage was just terrified. The staff are also shaken.”

The offenders fled in a stolen grey 2001 Mitsubishi Outlander station wagon which was being driven by a third person.

One of the men then got into a second car a short distance away on Rowan Street, believed to be a silver 1998 Mercedes Coupe.

Mr Hannah said he came out of the store and threw a chair at one of the thieves he saw getting into the car.

One of his staff members is too frightened to return to work.

Bayside Crime Investigation Unit Detective Sergeant Andrew Collision said the men were “bumbling fools”, and would “most definitely be caught”.

“I’m very confident that Perry had the wellbeing of his staff in mind when he came back in to the store. We don’t recommend doing what he did,” he said.

Store manager Perry Hannah said one staff member is too scared to return to work. (9NEWS)

“I hate to think what might have happened if they had been confronted in the store.”

The Mitsubishi, registration YSF 086, was stolen during a daytime burglary in Diamond Creek on August 31.

No shots were fired during the incident, and the staff members were not physically injured.

The offenders have been described as being in their early 20s with thin builds and Australian accents.

Both men had their faces covered by what appears to be T-shirts.