It has all the markings of a box office smash, movie stars, diamonds and theft, but the problem is it's not.

Police say more than $1 million USD worth of jewels due to be lent to movie stars at the Cannes film festival were stolen from a hotel room.

The bling was in a hotel room safe rented by an employee of luxury jeweler Chopard.

The incident took place overnight on May 16 as the festival got under way, drawing thousands of movie stars, film industry executives and journalists to the fabled resort.