A section of rooms at the Royal Palace, known as the Grünes Gewölbe or Green Vault, held 3000 objects including jewels and precious objet d’art.
German media initially estimated that the value of the items stolen could be €1bn.
On November 28 investigators in Germany offered a €500,000 (£426,000) reward for information about the theft.
It was reported that eleven pieces were removed in the raid and parts of three other items are also missing with a value of the missing items now estimated in the low millions.
According to Press Association and Reuters, the theft is believed to have taken place in the early hours of Monday morning (November 25).
The objects in the Green Vault were collected by the art-loving elector of Saxony, Augustus the Strong (1670-1733), who founded the Meissen factory.
The museum, palace and castle houses the Dresden state art collections and are part of the Staatliche Kunstsammlungen Dresden.