NICE, France (AFP) - An armed man held up a jewellery exhibition in the French Riviera resort of Cannes on Sunday, making away with jewels estimated to be worth about 40 million euros ($67 million), according to investigators.

Authorities said the hold-up took place in broad daylight at the Carlton Hotel on the promenade in Cannes, famous for its annual film festival that attracts a glittering array of celebrities.

Hotel management contacted by AFP declined to comment.

During the film festival in May, thieves stole jewellery worth $1.4 million that was due to be loaned to movie stars from a local hotel in a pre-dawn heist.

That robbery took place in the hotel room of an American woman employee of Swiss jeweller Chopard while she was out for the evening, police said.

A strongbox containing jewels was ripped out of the wardrobe and carried off, they said.