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14 January 2018, 12:15 | Ivan Casey
Masked attackers raided the Ritz Carlton Hotel in Paris at 6.30pm local time smashing their way into the luxury hotel
The two other thieves got away on a motorized scooter and are still on the run.
French media estimated the stolen merchandise as worth at least 4.5 million euros ($5.4 million).
Three perpetrators "entered by the service entrance, smashed the jewellery stands and grabbed jewels that were clearly expensive with the help of axes", said Jean-Michel Huguet of police union Alliance Police Nationale.
"They were after the jewellery on display at the hotel".
Authorities said no one was injured during the dramatic heist.
The publication is reporting that three of the five men have been arrested, though it is unclear as to whether the jewels have been recovered.
One of the robbers, fleeing the scene on a bicycle, dropped a diamond-encrusted cross worth €30,000, which was found by a passer-by a few hours later.
One official said some of the thieves apparently had guns, but could not confirm reports that they used hatchets to smash the glass, according to the AP newswire.
Police are still searching for the two missing suspects.
The five men smashed windows at the famous Ritz Paris Hotel to steal the goods with two suspects now being hunted by cops after they fled on scooters.
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Diana, Princess of Wales dined at the hotel shortly before she was killed in a vehicle crash on the night of August 31, 1997.
Place Vendome, where the Ritz is based, is also home to the Ministry of Justice.
Five men, some wearing jackets with police insignia, held up Ms Kardashian at gunpoint in a luxury apartment in the central Madeleine district, making off with a diamond ring and other jewellery pieces valued in total at €9 million.
The hotel, owned by Mohamed Al Fayed, reopened last year after four years of refurbishment work.
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