The De Grisogono jewelry house said Thursday that the necklace was stolen after a party for festival attendees at the Hotel du Cap-Eden-Roc on Tuesday night. In a statement, it said the theft occurred "despite the large security measures set in place: over 80 security guards plus police."

A police official said Thursday that the "high value" necklace was stolen overnight from the luxurious resort town of Cap d'Antibes. She gave no further details and spoke on condition of anonymity because she was not authorized to speak on the record about an ongoing investigation.

Cap d'Antibes is just down the coast from Cannes and even more exclusive. Its Hotel du Cap-Eden-Roc often plays host to events during the festival, including Tuesday night's party, which included stars such as Sharon Stone, Ornella Mutti and others. The hotel is hosting another party Thursday night.

De Grisogono director Fawaz Gruosi said in the statement, "it is actually the first time it has happened in our 20-year history."

Last week, thieves stole about $1 million worth of jewels after ripping a safe from the wall of a hotel room in Cannes. The jewelry was taken from the Novotel room of an employee of Chopard, the Swiss-based watch and jewelry maker that has loaned bling to A-list stars walking the red carpet at the film festival.

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Angela Charlton contributed to this report.

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