He said that three robbers were arrested and the other two got away.
5 thieves carrying axes raided the boutique in the luxury Ritz Hotel on Wednesday.
Police would not confirm reports that the jewels were stolen from a hotel shop or that the robbers were armed with hatchets.
The five men smashed windows at the famous Ritz Paris Hotel to steal the goods with two suspects now being hunted by cops after they fled on scooters.
The gems and watches stolen were thought to be worth over €4 million (S$6.37 million).
It remains unclear if any of the jewelry has been recovered. They reportedly smashed reinforced glass cases on the ground floor before making off with the jewels.
The hotel includes a shopping area near its rear entrance, which has five luxury shops and 95 "showcases' of jewellery and luxury clothing".
The three inside were then blocked by police officers when they tried to flee through another door, and quickly arrested, the official said. French Interior Minister Gérard Collomb tweeted his praise of the French authorities for the swift and professional handling of the situation. Over the last few years police have kept a permanent presence in the area, but that has not deterred potential robbers.
"We heard a loud noise and lots of racket in the street", one hotel employee told the AFP news agency.
'There were initial fears that a terrorist attack was going on, but it soon became clear that it was a robbery.
Wednesday's robbery took place a year and half after the hotel re-opened its palatial doors to guests after almost four years of renovations and a massive fire.