The men used the axe to smash glass display cabinets at the store in Edinburgh's Queen Street before snatching watches, rings and other jewellery.
They made off on mountain bikes following the robbery at Duncanson and Edwards Pawn Shop at about 5pm last Wednesday, January 15.
Police said the suspects wore identical grey hooded tops, with their hoods pulled up to hide their faces.
The tops are described as light grey with a black chequered pattern and black sleeves.
The man with the axe was about 6ft and was wearing a baseball cap with a light blue peak. The second man had distinctive black and white footwear, police said.
Officers are revisiting streets around the shop today to talk to people who may have been in the area last week.
Detective Sergeant Lynsey Thomson said: "We are continuing with our enquiries to identify those responsible for this incident and are keen to hear from members of the public who are regularly within the Queen Street area in the late afternoon or early evening.
"If you believe you were in this location at around 5pm last Wednesday and saw anything suspicious then please contact police immediately.
"In addition, if your recognise the description of the suspects and can assist in locating them, then I would also urge you to come forward."
Anyone with any information is asked to contact Police Scotland on 101 or Crimestoppers on 0800 555 111.