Steven Spielberg has backed La Vie d'Adele to be a breakthrough racy hit after he and the Cannes jury named it the festival's top film.
French police say thieves raided the hotel room of a representative of Swiss jeweller Chopard and made off with jewels.
Baz Luhrmann's glittering adaptation of The Great Gatsby will open the Cannes Film Festival tonight.
Emma Watson has come a long way since the days of Harry Potter, the actress plays a celebrity-obsessed teenager who turned to crime in her latest film.
Directed by Sofia Coppola, The Bling Ring is based on a real-life gang fixated by glamour, who stole $3 million of luxury goods from celebrities including Paris Hilton and Lindsay Lohan.
Watson said: "I enjoy the chance to transform into new roles and work with new creative people," she added, "Harry Potter seems like such a long time ago."
The Harry Potter star, who dons a Los Angeles accent in the film, said she prepared for the role by watching reality TV like Keeping up with the Kardashians and The Hills"
The film received welcome reviews after its first screening at Cannes Film Festival yesterday.
Leonardo DiCaprio told Daybreak's Kate Garraway that he has looked on his experience of filming The Great Gatsby as "an incredible opportunity that I don't want to squander and I look at it as an incredible gift."
When asked if he could identify with his character Jay Gatsby's party lifestyle he said: "I have been to some parties in my life and I have been to premieres but thank God that is not my life 24 hours a day, thank God!"
Leonardo Di Caprio has emphasised the importance of The Great Gatsby novel in the United States.
Speaking at the Cannes Film Festival he said: "Gatsby is compulsory reading in secondary school.
"People today still try to dissect this novel, to interpret every line, it's a kind of endless quest. We wanted to re-shape the novel's characters. It is so exciting to work with a text of this calibre."
Audrey Tatou, the host of the 66th Cannes Film Festival opening ceremony paid homage to Steven Spielberg's E.T. in her speech last night. She said:
"Hearts that are ready to be charmed, moved, amazed, stopped, whether or not they are all decked out for the occasion, hearts here and elsewhere, hearts that have loved cinema ever since the day that a film, the first one, transported them to seventh heaven."
She added that for her, that film was E.T., and this strange creature "that kept on repeating Call home, call home".
The granddaughter of F Scott Fitzgerald has praised Baz Luhrmann's film adaptation of her grandfather's book The Great Gatsby.
Speaking at Cannes, about his experience at the film's première in the United States, the director said:
"At the end of the film, a woman looked at me and and said 'I've come from Vermont to see what you did with my grandfather's book.' I froze. She added: 'I think Scott would have been proud of this film.' It's the best compliment I've received."
Luhrmann added that he read the book whilst on a train in Siberia, "I had a copy of the novel. I read it. That's how everything started," he said.
The Cannes jury have given their opinion on what they will be looking for as they judge the winners of this year's festival.
Steven Spielberg said: "My opinion is very straightforward, we are always judging, we are constantly judging films we see at the cinema, evaluating them and trying to see what is radically new in them. Films are always in competition with each other for audiences' attention."
Nicole Kidman said: "I think that it is important to contribute to the celebration of film. I finally had the time to sit down and watch films. Cannes is a prestigious festival that has done a lot to promote the films in which I have acted."
Christoph Waltz said: "An award is always the result, but the result of what? Good psychoanalysis involves both a psychoanalyst and a patient. We each of us have our way of carrying out our task and mine is perhaps more descriptive than Cristian's."
The stars of Baz Luhrmann's The Great Gatsby have lined the red carpet in Cannes for the film's festival premiere.
Leonardo DiCaprio plays Jay Gatsby in Luhrmann's 3D extravaganza which also stars British actress Carey Mulligan and Isla Fisher.
The film, which is an adaptation of F Scott Fitzgerald's novel, opened the 66th Cannes Film Festival in the South of France.
Director Steven Spielberg and actress Nicole Kidman have arrived in the French Riviera for the opening ceremony of the 66th Cannes festival.
Spielberg will preside over the jury that will choose the winner of the prestigious Palme d'Or award. Twenty films are to be considered overall.
The first film to be shown will be Baz Luhrmann's adaptation of The Great Gatsby starring Leonardo DiCaprio, Carey Mulligan and Tobey Maguire.
The stars of the Baz Luhrmann film The Great Gatsby are arriving at its premiere at the Cannes Film Festival.
The 3D adaptation of F Scott Fitzgerald's novel, which stars British actress Carey Mulligan, is opening the festival in the South of France.
Speaking about the event Leonardo DiCaprio said "Every time I go to Cannes, it feels like I'm entering the helicopter scene in La Dolce Vita. It's an insane experience".
"The entire town is turned into a red carpet. Every hotel is a premier. But at the same time, it is the Mecca for the world to celebrate film-making and bold film-making."