French police officers work outside the Ritz in Paris, France on Jan. 10, 2018. Three suspects have been arrested by French police for an armed robbery that happened Wednesday afternoon at the famous Ritz Hotel in central Paris, according to local police. (Xinhua/Theo Duval)

PARIS, Jan. 10 (Xinhua) -- Three suspects have been arrested by French police for an armed robbery that happened Wednesday afternoon at the famous Ritz Hotel in central Paris, according to local police.

The Paris police department announced the information on its official Twitter, adding that two other suspects are still on the run.

The robbery happened around 6:30 p.m. (1730 GMT), in which the gang of five smashed the window of a jewelry store at the hotel with axes, and looted the pieces on display.

The loot is estimated to be worth more than 4.5 million euros (5.38 million U.S. dollars), said local media.

It remains unclear if any of the jewelry has been recovered.

Three men were arrested as the robbery was interrupted by police officers on patrol, while the other two escaped on a scooter, media reports quoted police source as saying.

Further investigations are underway.