The elderly victim, named Anna, was dragged into a car as she walked down a street in a wealthy part the French capital at around 9.30pm on Monday evening.
According to Europe1 radio she left her home near the Invalides in the seventh arrondissement, smoked a cigar and then headed off to to dine at a restaurant.
But on her return the callous thieves were lying in wait and pounced as she was about to enter her apartment block.
Her assailants forced her to hand over her jewellery, including rings and earrings before dumping her at the Porte de Champerret on the outskirts of the city.
The woman, who was the former owner of the 16th century Citadel de Belle-Île-en-Mer, situated on an island off the coast of Brittany, appears to have been specifically targeted.
According to judicial sources quoted in the French media, the value of the jewellery taken from her was worth around €200,000.
Detectives have opened up an official investigation into the kidnapping and robbery which comes after police had issued warnings about a rise in jewellery snatches in the French capital.
Last week police launched a new publicity campaign warning people to be on guard when carrying valuables.
And last month armed robbers launched a daylight raid in Paris targeting a car that was transporting up to €1 million worth of jewellery to be used for a photo shoot.
Despite helicopter searches, officers were unable to track down the robbers who fled on scooters.