Paris (CNN) A gang of thieves armed with axes burst into the Ritz Hotel in central Paris, smashed their way into a set of jewelery display cases and stole at least 4 million euros ($4.8 million) worth of gems, police said.

Hooded men entered the lobby of the landmark building from the rear entrance at around 6.30 p.m. local time (12.30 p.m. ET) Wednesday and made straight for the jewelery cases on the ground floor.

Terrified guests were forced to take cover as shots rang out, witnesses said. Police arrived swiftly and the building was placed on lockdown. Three of the thieves were arrested at the scene but two others escaped with at least some of the gems and remain at large.

It was an audacious heist: France's Ministry of Justice is located next door to the opulent five-star hotel on the Place Vendome and a handful of high-end boutiques can be found nearby.

Interior Minister Gerard Collomb praised the police respsone. "Armed robbery at the Ritz: Three suspects already arrested by officers from the 2nd arrondissement. Their calm, their professionalism and their swift response is a credit to the Police," he posted on Twitter.

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