Victorian Police allege the owner of a jewellery store at Hastings, south of Melbourne, was killed over $200 worth of jewellery.
Dermot O'Toole was fatally stabbed during an alleged armed robbery in Hastings on Friday. His wife was also injured.
Gavin Perry, 26, of Crib Point has made a brief appearance in the Melbourne Magistrates Court charged with murder, intentionally causing serious injury and the theft of $200 worth of jewellery.
Prosecutors told the court that five witnesses have placed a man matching Perry's description at the store but are yet to formally identify him from photographs.
The magistrate agreed to suppress Perry's image as police continue to speak to witnesses.
The court also heard the alleged killer was captured on in-store security cameras.
Perry will return to court in November.