According to the PSNI, three men forced their way into the couple’s house on the Upper Newtownards Road shortly after 10.30 on Sunday night.
The couple told detectives that they believed that one of the intruders had “a suspected handgun”.
During the couple’s terrifying ordeal, the masked gang stole a large quantity of jewellery.
The couple were treated in hospital for injuries that are not thought to be life-threatening.
Detectives have appealed for anyone with information about those involved in the robbery or seen any suspicious activity in the area to contact them on the non-emergency number 101.