The heist was successfully carried out despite security measures, including metal detectors and an alarm which went off at the time around which the theft took place.
After the alarm went off at around 0900 GMT, Venice police immediately cordoned off the area, even though the thieves had managed to escape the exhibition taking place in Venice's Doge's Palace, also known as the Palazzo Ducale, one of Venice's top tourist destinations.
The collection of jewels, known as the Al Thani Collection, is a range of jewelry dating back to the Mughal period to jewels from more contemporary times. The collection, assembled by Qatar's Sheikh Hamad bin Abdullah Al Thani, had been lauded by Forbes magazine, which has said that "there is no comparable collection on the planet."
A spokesman for the collection said it was in touch with Italian authorities and the foundation which runs Doge's Palace.
"The jewels, which were contemporary pieces, are consequently of less historical value than the other items in the collection," the statement, which was posted on The Al Thani Collection's Facebook page, said.
Inspite of this, the Venice police pointed out that since the items are so unique, they would be impossible to sell anywhere in the market.
(With Inputs from Agence France-Presse)
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