Armed Gang Steals Jewellery Estimated At $16.5m In Paris

According to police and prosecutors, an armed gang stole a Paris store of luxury jewelry and watch brand Piaget on Tuesday, making off with 10 to 15 million euros in items.

Early indications suggest that three people were involved in the robbery about 1:00 p.m. (1100 GMT), with at least one of them carrying a firearm.

The group left with their bounty, which was thought to be worth between 10 million euros ($11 million) and 15 million euros ($16.5 million). According to a police source, no one was injured.

The store is located on the Rue de la Paix in the heart of Paris, near the famed Place Vendome and home to several high-end jewelry businesses.

The most recent high-profile crime in the area came in April, when three men on motorcycles looted the Bulgari shop, taking several million euros in jewelry.

Piaget, based in Switzerland, creates luxury timepieces and high-end jewelry with price tags that can exceed several tens of thousands of euros.

It is a subsidiary of the Richemont company, which also owns Cartier, Baume and Mercier, Chloe, and Van Cleef & Arpels, among other luxury goods brands.

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