The incident took place on January 28 at the showroom located in Regal Building, police said.
According to the complainant, Mayank Barodia, "When we came to the shop in the morning, the guard informed us about the theft last night. We found that watches of brands like Seiko, Casio, Guess, Fossil, Titan, Omega, Longines, Rado, etc, had been stolen.
"They also took away Rs 1.5-2 lakh in cash and all the watches that had come for repair... About 680 watches were stolen in all."
"We do not keep the CCTV cameras switched on since it's an old shop and the wiring is weak. The cameras are switched off at night," he added.
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Meanwhile, police are trying to scan CCTV footage of the nearby shops and bank ATMs to gain clues to the accused. It is suspected to be the handiwork of a gang that had also struck the showroom of an electronics major.
Police are also questioning the employees of the showroom.