No one was injured in the raid on the opulent hotel, in the 1st arrondissement of Paris, police have confirmed.
Five robbers, some of them armed, entered the luxury hotel and stole goods worth "an important sum", French police said.
The publication is reporting that three of the five men have been arrested, though it is unclear as to whether the jewels have been recovered.
The French TV station BFM said that 4.7 million euros (£4.16m) worth of jewels have been taken.
Three of the gang were detained while fleeing the scene and an AFP journalist said some roads around the hotel were sealed off by security forces following the incident.
A tourist told Mirror Online bartenders at the Hemingway bar yelled at people to "get down" as the masked men smashed their way into the hotel.
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A witness told Sky News they heard multiple rounds of gunfire.
It is not uncommon for world-famous jewellers to display their jewels in the Ritz hotel in Paris.
Mohammed al Fayed bought the hotel in 1979 and carried out major renovations to bring it back to its original popularity.
It is known as one of the most luxurious hotels in the world with 159 rooms and re-opened in 2016 and it underwent a multi-million pound refurbishment.
Princess Diana famously dined at the hotel with Dodi al Fayed before they both died in a tragic auto accident in the Pont de l'Alma underpass.