Armed robbers targeted the Mappin and Webb jewellery boutique at the five-star Gleneagles Hotel this week.
Four men, who wore dark clothing and covered their faces, raided the store at 11am on Tuesday (27 June), and were seen by witnesses driving a later abandoned blue Audi.
Three of the men reportedly got out of the car with a shotgun, baseball bats and machetes and threatened staff. No one was injured and a number of watches with an estimated value of half a million were stolen.
Detective Chief Inspector Andy Patrick said: “This is a shocking but thankfully rare incident which we are taking very seriously.
“Our inquiries so far have established that the individuals involved were believed to be armed but thankfully nobody has been injured, although they are understandably shaken.
“We are appealing for anyone who was in the area at the time to come forward and speak to us. In particular, we are looking to speak to anyone who saw a dark-coloured Audi with four men in the area around the time of the incident.”