Burglars have stolen three diamond jewelry sets from the Dresden Green Vault in eastern Germany which houses one of the largest treasure collections in Europe.

The historic sets consist of 37 parts each and officials are still trying to establish exactly how much was stolen in the break-in which happened on Monday morning.

Saxony’s ruler, Augustus the Strong created the collection in 1723 in what is one of the world’s oldest museums.

The stolen sets from the Green Vault (Grünes Gewölbe) are reported to also include some rubies, emeralds and sapphires.

The thieves, who are still on the run reportedly removed part of an iron grille on a ground-floor window then smashed the glass to gain entrance into the vault.

“Three out of 10 diamond sets have gone,” Marion Ackermann, head of the Dresden state museums said in a statement.

Although Police are also examining CCTV footage which shows two suspects in the dark, there are speculations that more people may have been involved in the robbery.

Police say a burning car found in Dresden early on Monday may have been the getaway vehicle used by the burglars.

“Three out of 10 diamond sets have gone,” Ms. Ackermann said, describing  them as priceless such that a value cannot be put on the stolen items.

“The items cannot be sold on the art market legally. They’re too well known,” she stressed, adding that the cultural value of the unique collection was far greater than its material value.

The popular German daily, Bild said the thieves had made away with jewels worth €1 billion.

The collection is housed in eight ornate rooms in the Residenzschloss, a former royal palace.

It is called the Green Vault because some rooms were decorated with malachite-green paint, with the most valuable items kept in the palace’s historic section on the ground floor.

There are about 3,000 items of jewelry and other treasures decorated with gold, silver, ivory and pearl. They include a figure of a moor studded with emeralds and a 648-carat sapphire which is a royal gift from Russia’s Tsar Peter the Great.

OneOne of the most valuable jewels is a 41-carat green diamond currently on show in New York.

Saxony’s Minister-President, Michael Kretschme has strongly condemned the crime, saying that ‘not only were the state art collections burgled but the people of Saxony too’.

“The valuables housed in the Green Vault and Residenzschloss were acquired by people in the Saxony Free State with difficulty over many centuries,” he said, adding that the collection was an integral part of Saxony’s history.