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A Cannes police source said authorities were investigating whether a second incident of vanishing jewels was a theft, a problem of inventory or a loss, a source said.
Another Swiss jeweller, Chopard, had gems worth $1.4 million stolen in the first week of the 12-day festival on the French Riviera.
Police said the Chopard jewellery had been in the safe at Suite Novotel hotel in central Cannes, which had been rented by an employee of the jeweller.
The entire safe was removed from the wall and taken during the night of 16 May.
Someone entered without forcing the door, a police source said.
A spokesman for Chopard, a sponsor of the Cannes festival, later played down the report, saying values had been exaggerated.
Jewellers and fashion houses use the world's largest film festival at Cannes as a promotional showcase, lending gowns and accessories to celebrities who are photographed.
There is no doubt that Obama is attempting to redefine the very nature of the conflict. This is no longer the former President George W. Bush's ever expansive, generic war on terror. This now becomes President Obama's very narrow war - an assault on those groups that pose a specific threat.
It is not clear to me that he will be successful - this is a somewhat weakened and distracted president at the start of his second term. The speech has already been attacked by senior Republicans - one saying that with this speech the president has handed victory to the terrorists.
On more concrete issues like closing Guantanamo, don't forget he promised that on day one of his time in office.
He has been criticised by the left and the right, but many moderate voices will also say that hey welcome the fact that America's longest war is no longer necessarily an endless one.
Police say that the two Woolwich suspects who were shot on Wednesday do not have life-threatening injuries and so they will be able to be questioned.
Whilst the Government is not ruling out the possibility that the Woolwich attacks were part of a wider conspiracy, as far as they see it tonight there is no sign that that is the case.
Politically there may end up being broader questions about this - even to the extent of whether it should be classed as a terrorist attack at all.
People will be asking whether people acting on their own, mouthing an incoherent political philosophy, should be considered as any different to day-to-day criminality that we see in the courts on a regular basis.
President Obama has ordered the US Justice Department review the policy under which it obtains journalists' records.
The move comes after the administration was criticised for secretly seizing two months of phone records from The Associated Press and reading the e-mail of a Fox News reporter as part of separate investigations about the publication of government secrets.
Obama re-stated his support for a media shield law that he said would "guard against government overreach." Such a law would require a federal judge to sign off before officials could access the records of journalists. Mr Obama said:
Journalists should not be at legal risk for doing their jobs. Our focus must be on those who break the law.
Two men were tonight charged over separate attacks at mosques after Drummer Lee Rigby was murdered by Islamic extremists.
Police in Kent were called to a mosque last night hours the attack in Woolwich, south-east London.
Officers arrested a man and tonight Kent Police said they had charged Andrew John Grindlay, 45 from Rochester, with religiously aggravated criminal damage and burglary.
Also, last night Essex Police arrested a man on suspicion of attempted arson after reportedly walking into a mosque with a knife in Braintree, Essex.
Tonight the force charged 43-year-old Geoffrey Ryan, from Brick Kiln Way, Braintree.
"A smoke device was thrown into the premises. No one was injured," police added.
The Cannes Film Festival was hit by a second suspected jewellery heist when a diamond necklace worth 2 million euros (£1.6 million) vanished during a star-studded party, according to upmarket jeweller De Grisogono.
Fawaz Gruosi, the founder of the Swiss firm, said the necklace was part of the company's 20th anniversary collection paraded by 20 models at the glitzy event at the Hotel Du Cap-Eden-Roc in Antibes outside Cannes on Tuesday night.
Sharon Stone and Paris Hilton were among the guests.
Mr Gruosi said 80 bodyguards, local police, hotel security, and De Grisogono staff had been on duty but when a check was made at the end of the night the diamond necklace was missing.
"We don't know exactly what happened ... it was one of the most beautiful items we had," Gruosi told said
A Briton who was arrested on suspicion of organised fraud has been found hanged in a French prison.
John Steele, 38, was found by guards hanging in his cell on Tuesday, four days after he was remanded in custody, according to the BBC.
A Foreign Office spokesman said: "We are aware of the death of a British national in France on 21 May and we stand ready to provide consular assistance."
Floral tributes have been left outside the Royal Artillery Barracks in Woolwich after an attack in a nearby street which left a soldier dead.