Claymont Telford of Lot 101 Republic Drive, Beterverwagting, East Coast Demerara was in the wee hours of Sunday attacked and killed by three armed men outside his home.
Based on information received, the now dead man was in the process of locking up his shop when he was confronted by the three armed men.
The man and his wife were reportedly tied up by the men who demanded cash and jewellery.
The woman was subsequently taken into the house by one of the men while her husband was kept outside. Out of fear for their lives, the woman handed over about 600000 in jewellery and an undisclosed sum of cash. After getting the cash and jewellery, they grabbed a quantity of phone cards before making their escape.
The woman who was left tied up in the house managed to untie herself and later found her husband in a pool of blood with his hands bound behind his back. An alarm was raised and the man was picked up and taken to the Georgetown Public Hospital where he was pronounced dead on arrival.
The police have launched an investigation into the murder.