Kamran Orouji, 66, and Masoud Izadi, 60, faced Melbourne Magistrates Court on Thursday, charged with armed robbery and assault.
It's alleged the pair entered the Dandenong jewellery store about 6pm on December 29 last year, grabbing the owner and demanding the pin code to the safe.
When the owner said he didn't know it, Orouji and Izadi allegedly threatened him with a knife held to his neck.
It's alleged they bound and gagged the man after he shared the pin, before opening the safe, taking gold jewellery valued at close to $2 million and fleeing in the victim's car.
The two men were arrested on Wednesday after their Pakenham and Doncaster homes were searched by police.
They appeared in court separately, with Orouji applying for bail.
Prosecutors opposed his application, saying he was a risk to the safety of the public following the "brazen" attack.
But Orouji's lawyer told the magistrate he should be released because he was the carer for his severely ill wife.
Senior Constable Tom Ballintyne also gave evidence that Orouji's wife was "at the end of her life".
The magistrate found that a compelling reason to release him on bail, despite the seriousness of the allegations.
Orouji is due to return to court in April for a hearing.
Izadi, who was assisted by a Farsi translator, did not apply for bail and was remanded in custody to the same date.
His lawyer told the magistrate it was Izadi's first time in jail and he needed treatment for a broken left wrist and injured knee.
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