France reveals stolen Louvre Museum jewels were 'uninsured': May have already been dismantled or melted - Know why

In yet another revelation about the shocking heist at Paris' Louvre museum, France's Ministry of Culture said in a statement that the priceless jewels thieves stole were not privately insured. Moreover, reports are also suggesting that the thieves might have already melted the precious jewels to avoid being caught. In a seven minute heist on Oct 19, theives carried out a robbery with military precision in a bold daylight and stole eight priceless Napoleonic-era jewels worth around €88 million (US$102 million) from the museum. As per reports, include a tiara, necklace, and earrings from the Queen Marie-Amélie sapphire set, an emerald necklace and earrings from the Empress Marie-Louise set, and several pieces belonging to Empress Eugénie de Montijo, including a tiara and a large bodice bow brooch. The Crown of Empress Eugénie was dropped during the escape and recovered, though damaged.

Read More | Did Louvre contact Israeli intel firm for help in investigation? Here’s what museum said

Erin Thompson, an art crime expert at John Jay College of Criminal Justice, explained that thieves involved in high-profile museum heists often dismantle or melt down recognizable items within hours to reduce the risk of being identified. While this process significantly diminishes the historical and cultural value of the objects, it also makes them far more difficult to trace back to their origins, she told USA Today. Thomson added that if the Louvre thieves are experienced, they may attempt to recut the larger gemstones. “Selling something like Empress Eugénie’s crown is highly risky—breaking it down into individual diamonds is far safer,” she explained. Speaking to CNN, Remigiusz Plath, secretary of the International Council of Museum Security, noted a growing trend of musuem heist in recent years.

Watch: Tourists asked to leave after Louvre Museum robbery, ‘priceless jwellery’ stolen

Why were the jewels not insured?

French law restricts institutions like the Louvre from insuring their collections unless the artworks are being transported or loaned to another museum, according to Romain Déchelette, president of Serex Assurances, a French fine art insurance firm. Déchelette explained to CBS News that since the Louvre is a national museum, its entire collection is classified as state property. As such, the French government holds full responsibility for the artworks. This legal framework means that, under normal circumstances, the museum does not take out private insurance for its pieces while they remain on-site, as their protection falls under state accountability.

Louvre Museum reopens

Meanwhile, the Louvre Museum reopened to the public on Wednesday, three days after a bold daylight heist saw eight priceless royal jewelry pieces, valued at around €88 million ($102 million), stolen from its collection. Visitors returned to the world’s most-visited museum at its regular opening time of 9 a.m. (0700 GMT), but the Apollo Gallery—where the robbery occurred—remains closed as investigators continue to examine the scene for clues.