Hilton was given the gems worth $60,000 by jewellers Damiani in 2007 to wear during public appearances and as part of a deal.
She agreed to keep the valuables in a safe or a vault whenever she was not wearing it. However, they were stolen from her Los Angeles home in December 2009.
The jewels were later recovered by police.
According to the New York Daily newspaper, in a lawsuit filed by German insurance giant Allianz, Paris has still failed to return the items, reports femalefirst.co.uk.
“Despite having recovered Damiani’s jewellery, (Hilton has) failed to return all of the jewellery to Damiani as required by the Agreements,” the lawsuit states.