One man wandered into the shop in Fürth near Nuremburg on Friday afternoon and looked around peacefully for a moment. He sprang into action when the 27-year-old shop worker tried to stop the second man, who had a stocking over his face, from coming in.
The first man grabbed her and pulled her away from the door enabling the second man to come in. They both produced handguns and forced the young woman and her 64-year-old colleague to help them grab the loot.
The film shows how the older woman collapses to the floor while the first man loads the stolen watches into a bag - and how the second man pulls the stocking off his face as he leaves the shop.
They made off with more than 30 expensive watches, largely Breitling and Jaeger-LeCoultre brands - worth around €200,000 - which they stuffed into blue bags.
They ran into the street, followed by another jewellery shop employee until they reached a park where they split up and were lost.
Fürth police said both the robbers were around 180 cm tall, one slim, the other more powerfully built.
The jewellery shop owners put the video and a close-up image of the men onto its Facebook site, dubbing the incident "David vs Goliath", and receiving many supportive comments from friends and strangers.
A police spokeswoman told The Local: "We would not be able to publish the pictures without first getting permission from a court. But I cannot imagine that the men in the photograph and film would be very likely to make a complaint about their right to privacy, and we will certainly not be investigating on that side of things."