Police: $53 Million in Jewels Stolen in Cannes

                                                                                AP

$53 million in diamonds and jewels were stolen from the Intercontinental Hotel in Cannes. Law enforcement said this is one of Europe's largest, recent jewelry heists. The AP reports the incident occurred around noon Sunday. The hotel was holding a jewelry exhibit at the time.

Police report the theft is after Pink Panther gang members escaped from jail. The group are notorious jewel thieves.

Reports from Cannes said one person, who was armed, stuffed the jewels in a suitcase. Police did not confirm this report.

Israeli billionaire, Leviev, owned the jewels.

An expert said the chances they will be recovered is unlikely. They can be cut, making them difficult to identify, and sold.