The items were reportedly taken from a room in Novotel hotel in the early hours of Friday morning.
The room belonged to an employee of exclusive Swiss jewellers Chopard and according to police reports; the thieves pulled the safe containing the jewels from a wall of the room.
The jewels were initially thought to have been loaned to stars to wear during their red carpet appearances, at the annual film festival on the French Riviera.
However, a company spokeswoman, Raffaella Rossiello, insisted the value of the pieces had been exaggerated and “the jewellery stolen is not part of the collection… worn by actresses during the Cannes Film Festival”.
Also, festival officials have said that the event’s top award, the Palme d’Or (designed by Chopard), was not among the stolen items.
Chopard is an official sponsor of the festival which started on the 15th of May and will end on the 26th.
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