Five men armed with axes smashed windows during the raid, which chanced around 6.30pm local time.
Three of the raiders were collared at the scene, according to local radio station RTL, while the other two are felt to have escaped on foot, prompting a police hunt for the perpetrators.
Watchers claim some of the perpetrators may have been carrying firearms while there are unconfirmed recounts of gunshots heard nearby.
No one was injured in the raid, according to reports.
Three of the pirates were reportedly arrested outside the hotel
A source told the Sun: «The attackers hand-me-down axes to smash open reinforced glass cases containing ornaments while filling bags.
«As they tried to get away, police dignitaries arrived and three of the robbers were pulled to the ground and then halted.
«Two others got out the back door of the hotel and were seen running away, and then alighting on mopeds.»
A tourist told Mirror Online that bartenders at the at Hemingway Bar yelled at people to «get down» as the masked men smashed their way into the bed.
She added: «One man wearing a ski mask ran from the bar door to the front of the bar right recent my father. He had an axe in his hand.
Ritz-Carlton robbery: Axes and sledgehammers are supposed to have been used to break in
Police have set up a cordon on all sides the hotel while investigations are ongoing
«We heard at least 10 collects of gunfire so everyone dove behind the bar where we stayed there for round six minutes.»
A police insider told Le Figaro around €4million was enchanted by the robbers.
The Ritz-Carlton boasts 159 rooms and recently underwent a multi-million-pound refurbishment previous to reopening in 2016.
The hotel – which overlooks the Place Vendôme – is situated on the megalopolis’s 1st arrondissement and is one of the world’s most luxurious hotels.
More to follow…