The incident happened at around 7.25pm on Tuesday October 19 as a 39-year-old woman was walking with another woman on the lane between Manor Place and Palmerston Place, which runs behind St Mary’s Cathedral.
Two men approached the women from the direction of Atholl Place and together snatched the woman’s handbag from her.
The two adult male suspects left the area on foot towards Manor Place.
Officers attended the scene and found no trace of the men or the stolen items, which include a phone and keys in the red leather bag.
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Police in Edinburgh are now appealing for witnesses following the robbery.
Both suspects are described as adult men, of stocky builds and wearing all black clothing with their hoods up.
Detective Sergeant Gary Smyth of Gayfield CID said: “The victim and her companion were simply walking along the street when these men approached them and stole her handbag.
"The red leather bag is still outstanding, along with its contents.
“We are reviewing CCTV in the area and would ask anyone with private systems to check their footage and provide anything of relevance to officers as soon as possible.
“I’d also ask anyone in the West End area on Tuesday night who may have witnessed what happened, or the suspects before or after the incident, to come forward and speak with officers.”
Those with information should contact Police Scotland on 101 and quote incident number 2965 of 19 October.
An anonymous report can be given to Crimestoppers on 0800 555 111.