Police say the jewellery by Swiss luxury jeweller Chopard were stolen from a Chopard employee’s hotel room sometime between Thursday and Friday night.
Officers say the thieves broke into the room at the Novotel hotel in central Cannes and opened the safe containing the jewels, which were due to be loaned to film stars walking the red carpet at the prestigious festival.
Chopard is one of the official sponsors of the festival. It redesigned the Palme d’Or award and creates jewellery sets each year for the “mounting the steps” ritual.
Organisers say the Palme d'Or trophy is safe.