A pink Argyle diamond and white diamond ring with a value of $577,000 was stolen from an auction house in Sydney on Saturday, police reported.
Media reports state that approximately 100 people were in the auction room at the time the ring was stolen, police said.
The police investigation has been further complicated by the fact that officers have not been able to receive CCTV footage.
The ring was stolen from a display counter at Theodore Bruce Auctions and Valuers in the Sydney suburb of Alexandria.