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.
No one was hurt in the incident, police said.
French police have recovered all the jewels that a gang of thieves attempted to snatch from a store in the upscale Paris Ritz hotel, a source close to the investigation said on Thursday. Two people inside the hotel hid from the thieves and alerted police, the official said.
One hotel employee told the AFP news agency: "We heard a loud noise and lots of racket in the street".
Some guests took refuge in the basement while the attackers, who were wearing ski masks and sports clothes, carried out the dramatic robbery.
The Ritz is one of Paris' most luxurious hotels.
Future Samsung phones will have a feature, which iPhone users can not access!
In a deal with NextRadio , Samsung's Galaxy S9 handsets will come with an activated FM chip, allowing the use of the NextRadio app .
Interior minister Gerard Collomb praised officers' "professionalism", saying they had "done our police force credit".
'There were initial fears that a terrorist attack was going on, but it soon became clear that it was a robbery.
Princess Diana had dined in the hotel's Imperial Suite on August 31, 1997, shortly before her tragic death in a vehicle crash in Paris.
The five-star residence, owned by Mohamed Al-Fayed, is no stranger to controversy.
Security was stepped up in and around Place Vendôme in 2014 after a series of thefts on luxury shops and jewellers in the square, which is also home to France's ministry of justice.
In October 2016, reality television celebrity Kim Kardashian was the victim of a robbery just 10 minutes walk from the Ritz, in which millions of dollars' worth of jewelry was stolen from her.