The popular German daily Bild says the thieves are thought to have grabbed diamonds and other jewels worth millions of euros. The Saxony state authorities have not given details yet.
Dozens of police cars are at the scene and the Green Vault is now shut.
Saxony ruler August the Strong created the collection in the 18th Century.
It is called the Green Vault because some rooms were decorated with malachite-green paint. It is housed in the Residenzschloss - a former royal palace.
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