Four masked men armed with hammers and axes targeted four shops in Argyll Arcade, Glasgow, on September 24.
The timepieces stolen include a Hublot Big Bang Rose Gold Automatic Watch worth £23,000 and a Hublot King Power Unico Black Magic Watch valued at £16,600.
Eighteen watches worth £198,001 in total were stolen while three worth £31,600 altogether were damaged.
A security guard sustained a leg injury during the raid last week.
Video footage posted by witnesses on YouTube showed masked men running through the arcade in a cloud of smoke.
Pictures on Twitter showed men in balaclavas fleeing the scene carrying weapons and holdalls. Police were called to the scene at about 12.50pm.
Rox, Mappin and Webb, Laing the Jeweller and Lewis Grant were targeted in the incident.
Some display windows were smashed but the thieves only managed to gain access to Rox, where they grabbed a small quantity of jewellery before running off, police said.
The suspects were last seen running up a lane at the side of the arcade’s Buchanan Street entrance.
The four men are about 5ft 8ins with slim builds and all were wearing dark clothing.
It is believed they made off in a white car and a Volkswagen Golf found abandoned in St James Road in the Townhead area of the city is being checked by forensic officers.
The arcade in the city centre houses more than 30 jewellers and diamond merchants.