Self proclaimed bad boy Sean “P. Diddy” Combs' recently suffered a huge loss at the hands of another bad boy or girl: his favorite gold and diamond-encrusted jewelry was recently lifted from his New York office in a $7.2 million heist.

An unnamed source says: 'He is absolutely gutted. He loves his jewelry and most of the pieces are one-offs so they can't exactly be replaced very easily.'

Combs’, a 34-year-old self-made entrepreneur, actor, clothing designer and rapper, kept the jewels in his office building on which houses the rapper’s Sean John fashion label, as well as Bad Boy Records.

The burglary’s precise orchestration has raised suspicions that the culprit is someone closely involved with one of Diddy's companies.

'He locks everything away normally, so the robber undoubtedly got insider knowledge,' said the source.

Diddy, of MTV’s “Making the Band” fame, has downplayed his loss by focusing on his newest venture, Citizen Change, a nonpartisan voting initiative to entice young people and minorities to vote in the presidential election.

Meanwhile, he has insisted his staff keep quiet over the incident. The source: '(Diddy) seemed a bit embarrassed that he hadn't taken care of his stuff.”

So far, police have no suspects in custody.