Another source said the costs of the loot was around 4.5 million Euros, or $5.38 million, but added that a recovered bag could have some of the goods. Police have closed off roads in the area in search of the 2 others who are fleeing with the jewelry.
'There were initial fears that a terrorist attack was going on, but it soon became clear that it was a robbery.
French police have said that five robbers wielding axes broke into the luxury hotel yesterday. three of the thieves have been arrested, but two managed to get away with the huge haul of jewels.
"Two others got out the back door of the hotel and were seen running away, and then getting on mopeds".
Paris police commissioner tweeted a statement thanking the officers for their quick reactions.
French police say they've arrested 3 suspects and are searching for 2 more.More news: Israeli military to reopen probe into death of paraplegic Palestinian
More news: Netanyahu to visit Delhi, Mumbai
More news: Time to test for radon
Wednesday's robbery comes 18 months after the Ritz reopened to guests after almost four years of renovations and a major fire.
Wednesday's robbery took place a year and half after the hotel re-opened its palatial doors to guests after almost four years of renovations and a massive fire.
The Ritz Hotel is in Place Vendôme, a prestigious square known for its luxury retailers and hotels. It was at the Paris Ritz that Diana, Princess of Wales, dined with Fayed's son, Dodi, the night before they died in a vehicle crash in August 1997.
The five-star residence, owned by Mohamed Al-Fayed, is no stranger to controversy.
It has a shopping gallery selling designer clothes and jewellery.
A superior room costs from £885 a night, while a "grand deluxe" room starts at £1,240.