Sergeant Matt Lee, of Dunedin, said police responded to a theft in the Pascoes Jewellers in the Golden Centre Mall at 3.56pm yesterday.
Two men entered the store and spoke to staff members about purchasing a nine carat, 55cm gold curb link necklace valued at $10,999.
While negotiating a possible price, the men asked the sales associate about viewing a second necklace.
One of the men had previously been in the store making inquiries about the same gold necklace last year.
Both men were captured on CCTV and inquiries were continuing to identify the men, Sgt Lee said.