He suffered minor injuries in the incident outside the five-star Mercer Hotel, where he is believed to have been staying.
Unconfirmed reports identify the stolen watch as a perfect fake Hublot Black Caviar Bang.
The luxury replica Hublot is described by its Swiss makers as a world first, with a completely invisible setting.
The white gold one-piece case of the Swiss movement fake Hublot is entirely covered in black diamonds. It took over 2,000 hours of work to create and includes 544 baguette diamonds on the case, dial, crown and clasp.
According to one local report, victim was returning to his hotel after lunch at a nearby restaurant when he was targeted.
The high quality replica Hublot’s case is made of 18K white gold set with 322 black diamond baguettes (25.11 cts), the crown is set with 13 black diamond baguettes (1.7 cts) and the dial is set with 179 black diamond baguettes (5.48 cts).