Local reports have suggested the rough ruby with greenish and dark-purple hues could fetch up to $120 million.
An archaeology team began excavations in September between the temples of Ramses III and Amenhotep III near Luxor, some 500 kilometres south of Cairo.
The diamond was mined in Russia and was named 'The Spirit of the Rose' after a ballet performed by the Ballets Russes and its legendary dancer Vaslav Nijinsky.
The thieves at dawn broke into the Green Vault at Dresden's Royal Palace — home to around 4,000 precious objects of ivory, gold, silver and jewels — after a power cut deactivated the alarm.
LVMH already owns 75 brands including Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer.
They are displayed in a diamond-shaped glass case on the top floor of the palatial Burj Al Arab hotel: a pair of golden pumps made of golden leather decorated with more than 100 carats of flawless diamonds set on white gold.
Hong Kong, is one of the world's top global transit hubs for endangered species and their products, like ivory, shark fin, pangolin and rosewood.
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