TV station BFM said the jewels were worth €4.7m (£4.16m). Three of the raiders were soon arrested by police, but two of the gang escaped through a back door.
A police spokesman said authorities arrested three suspects after the robbery around 6:30 p.m.
All the jewels stolen from shops in Paris' landmark Ritz hotel have been recovered, a source close to the case said on Thursday (Jan 11). "We didn't know what was going on until someone told us there had been a robbery".
"We heard at least 10 rounds of gunfire so everyone dove behind the bar where we stayed there for about six minutes".
Paris police commissioner tweeted a statement thanking the officers for their quick reactions.
Though ultimately unsuccessful, the robbery on Wednesday evening raised questions about security in one of the world's most prestigious neighbourhoods, the Place Vendome.
"The five-star Ritz is located in Place Vendôme, in Paris" historical first district.
Frédéric Beigbeder, a writer, was among guests drinking in the hotel's Hemingway bar who took refuge in the basement when the robbers burst in.
The Ritz, which re-opened in 2016 after a four-year refurbishment, and is owned by the Egyptian businessman Mohamed Al-Fayed.
The luxurious Ritz is in Paris' First Arrondissement, a district located principally on the Right Bank of the Seine River, and includes five shops and almost 100 "showcases" that sell jewelry and luxury goods, BBC reported.
Diana, Princess of Wales dined at the hotel shortly before she was killed in a vehicle crash on the night of August 31, 1997.
A superior room costs from £885 a night, while a "grand deluxe" room starts at £1,240.