If done well, your "business guy" might be right, but it is almost assuredly not for the reason he states
Withholding information doesn't arouse curiosity unless there's a strong hook compelling someone to move forward. For the same reason you might not show product specs over a promo photo, you need not necessarily show the product's name over the promo photo. However, as you decrease the amount of information you're displaying, you must increase the quality of what you do show.
Showing products without descriptions or titles can be effective provided that the quality of photos is consistently very high and your audience's expectations are set properly. Setting and matching expectations is actually a big part of what makes your particular situation so difficult. When you are showing watches next to jewelry next to bags next to glasses, you force the audience to decipher what the object is before assessing the objects merits.
A reasonable example of no-caption display done well is the mobile and web app Snapette. All photos, all the time. No labels. But the audience knows what to expect and the photos are clear and exciting.