Publishing a list of the pieces taken in Monday's brazen raid, the Green Vault museum at Dresden's royal palace said the items stolen included a sword whose hilt is encrusted with nine large and 770 smaller diamonds, and a shoulderpiece which contains the famous 49-carat Dresden white diamond.
A total of 11 pieces were removed completely, while individual parts of a further three items were also missing.
The Dresden white is one of the most precious jewels in the collection of former Saxon ruler August the Strong.
Tobias Kormind, managing director of the diamond retailer 77Diamonds, told AFP that it could be worth up to $10 or $12 million, adding that thieves would have "hit the jackpot" if they did take it.
"None of the diamonds would have been in themselves extra special except for the one large Dresden White," he said.
The 49-carat diamond was cut in the early 18th century and bought at great expense by August the Strong, then Elector of Saxony, in 1728.