No one was injured in the heist, officials said.
Police said three men, armed with axes, were arrested at the scene, while two escaped with about $5 million worth of jewelry. The thieves dropped some of the jewels at the scene, police said, but they did not specify the amount.
Davy Parker, who works near the hotel said there was a commotion outside after hearing what sounded like gunshots.
“Everyone was in panic in the street.” Parker said, “But the police arrived really quickly.”
The Ritz did not immediately respond to a request for comment.