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Chopard Jewelry Heist at Cannes Film Festival

UPDATED: The burglary occurred at roughtly the same time as the premiere of Sofia Coppola's  jewelry-thief film, "The Bling Ring." Coincidence?

Some of the glitz and glamour has been taken from Cannes. Or at least the glitz.

Chopard jewels were stolen at the famous film festival, the high end jewelry designer confirmed on Friday. Original reports had the value estimated between $1 million and $1.4 million, but Chopard later said in a statement that the real value is "far lower." The company also stated that the stolen items were not set to be worn by celebrities at the film festival.

The jewelry was stolen sometime between 9 p.m. and 3 a.m. from the Suite Novotel Cannes Centre room of a Chopard employee.

The irony is that the robbery occurred roughly at the same time as the premiere of Sofia Coppola's newest film, "The Bling Ring," which is about real-life celebrity jewelry thieves.

The entire safe was taken out of the wall in the business-class, 124-room hotel. Police believe that the burglary may be an inside job and are questioning hotel employees. Chopard did not immediately respond to TheWrap's requests for comment.  

Also read: Cannes Review: 'The Bling Ring' Rips Open the Fame Game

Chopard is a longtime sponsor of the festival and designs the Palme d’Or award, which is presented for best film, and the burglary is not the first time it has been the victim of a heist in France. In 2009, a gunman stole jewelry worth more than $8 million from its Paris store in broad daylight.

In a separate incident that same year, armed robbers in Hawaiian shirts stole jewelry worth close to $21 million from a Cartier shop in Cannes.