FOUR masked raiders armed with axes and sledgehammers smashed into Glasgow's exclusive jewellery district in a daylight heist.

Smoke filled the Argyll Arcade as the balaclava-clad gang assaulted a security guard. They smashed their way into four ­jewellers' shops - Rox, Mappin and Webb, Laing the Jeweller and Lewis Grant - at around 1pm yesterday.

However, they managed to escape with only designer watches from Rox.

A police source said: "They may have only got away with, for example, a dozen or so watches. But, the problem is, some of these pieces can cost around £30,000."

The four men burst into the jewellery district in busy Buchanan Street at lunchtime as dozens of shoppers walked by.

The raiders were caught on camera running from the shopping area behind a cloud of smoke - which had been set off by the shops' own security system.

It is understood they were ­shouting at staff and customers as they smashed display cases and windows open with hammers.

Some customers "froze with fear" in front of the weapons while the thieves smashed cabinets to bag their loot.

Footage from stunned shoppers on Buchanan Street shows two of the thieves brandishing weapons, with one wielding an axe shouting: "Out the way or I will kill you all."

Meanwhile, a concierge was hit by a baseball bat as he tried to stop the thieves from entering.

He was taken to hospital, where he received treatment for a leg injury.

About 50 visibly shocked witnesses were ushered into several police vans and taken to a city centre station, where statements were taken.

Chief Inspector Mark Sutherland, area commander for the city centre, warned the gang: "We will identify you and we will arrest you."

The thieves grabbed valuable timepieces, but also left cases of other high-end designer watches untouched.

Mr Sutherland added: "We will be using all our resources on the investigation and will work to identify those responsible.

"Forensics are now working to establish what has been taken.

"I would encourage anyone who knows anything about the incident to contact police."

The raiders were last seen running down the lane next to Argyll Arcade, carrying holdalls and weapons, towards Queen Street.

One eyewitness said: "I couldn't believe my eyes - it was like something out of a movie.

"One minute I was walking down Buchanan Street, minding my own business, the next there was smoke everywhere and I saw four guys in balaclavas running out Argyll Arcade with axes and hammers."

Around an hour later, officers recovered a white Volkswagen Golf in a car park near Glasgow Royal Infirmary.

Detectives are investigating whether it is linked to the robbery.

Mr Sutherland said: "It is believed that the suspects made off in a white hatchback vehicle.

"A white Volkswagen Golf has been recovered in St James Road, Townhead, Glasgow and inquiries are also ongoing at that location to establish if it is the vehicle involved."

The robbery took place almost a year to the day since the Argyll Arcade was last targeted by raiders.

A man allegedly made off with a watch and ring worth more than £10,000 on September 27, 2013. The theft took place at Rox at around 5.35pm.