Paris (CNN) -- An armed robber held up a jewelry exhibition in the French resort city of Cannes on Sunday, stealing jewels worth $53 million (40 million euros), a Nice police official told CNN.
The robbery took place Sunday morning at the Carlton Hotel in Cannes, according to Philippe Vique, deputy prosecutor for organized crime in the prosecutor's office for the Provence-Alpes-Côte d'Azur region. He could not confirm the value of the jewelry.
The robber, whose face was covered by a hat and a scarf, threatened to shoot the exhibitors and guests, Vique said.
Security guards were present but unarmed, he said.
The robbery follows two major jewel heists this year at events at the Cannes Film Festival.
During the festival in May, a necklace worth $2.6 million (2 million euros) was stolen from a hotel party shortly after more than 1 million dollars' worth of jewels were stolen from a safe in a hotel room.
Jeweler de Grisogono said the necklace was part of a collection making its debut.
The jewels were from the Swiss firm Chopard, which was sponsoring the festival.