Three armed people targeted Mappin and Webb jewellers in Regent Street yesterday evening, Metropolitan Police said today.
A man in a black suit and black trilby, wearing a curly blonde wig, walked into the store before pointing a handgun at the guard.
Two hooded and masked men followed with claw hammers and smashed the cabinets, the BBC reported.
Police said the men were wearing caps, face coverings and blue jeans. One of them broke into the Cartier cabinet and put several watches inside a holdall.
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The incident came two days after a moped riding smash-and -grab gang armed with sledgehammers burst into the boutique of the Dorchester Hotel, one of world's most posh hotels in the heart of London and ran away with jewellery and watches worth thousands of pounds.
Three men from a group of six entered the boutique and made their escape on their mopeds.
They smashed a number of display cabinets and grabbed thousands of pounds worth of watches and jewellery before fleeing, police said.