Diamond rings, gold-plated crosses, delicate necklaces studded with jewels and a whole lot of lockets are among the more than 600 stolen items worth about $250,000 that were seized from a Melbourne jeweller last month.

On Monday, Victoria Police released photos of more than 600 items from a treasure trove of jewels believed stolen during burglaries and violent robberies in the weeks leading up to October 5 this year.

Police have been able to find a few owners, some from Ballarat and even Mt Martha, but about 400 "distinctive pieces" are still unclaimed.

Detective Sergeant Ashley Penry said police entered uncharted territory after busting a racket run by three gold dealers suspected of an off-the-books scheme, in which they are alleged to have bought jewellery taken from homes across the state.

"It is not very often that we find such high quantities of stolen jewellery in its original form," Detective Sergeant Penry said.

"Usually it's been melted down or sold before we are involved, so this is a unique position for us."

Many of the items bear inscriptions, including a gold cross which reads: "To Joseph love Mum and Dad".

Another medallion commemorated an Australian two-mile cycling champion from 1938.

Detective Sergeant Penry said police had been working hard to return all the items to their owners since making the bust last month but many items were yet to be claimed.

"We know that jewellery often holds a lot of sentimental value, which is why we are so eager to return it to the rightful owners," Detective Sergeant Penry said.

Police have taken to social media in the hope of tracking down the rightful owners of the stolen gold, diamonds and jewels.  

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"There are a number of very distinctive pieces amongst the seized items and we are confident that people will recognise these."

In total, it's alleged the traders bought an estimated $500,000 worth of hot gold and diamonds.

The traders are believed to have held discussions with thieves and burglars over Snapchat or via text message.

When ready to sell, the crooks would go up to the 11th floor of the Collins Street building to fence the stolen goods.

A discount rate was allegedly offered, well below the spot price of gold, and in return for easy cash the thieves weren't asked to provide identification, despite second-hand dealers being legally required to record details of the people they buy from.

Staff were trained in the alleged enterprise to ensure the transactions, of which there were about 100 a month, stayed under the table.

The plan was to melt the gold down so it couldn't be traced. It is suspected the financial pressure of a multimillion-dollar tax debt drove the ruse.

Detectives from the anti-gangs taskforce raided the offices of Gold Buyers Melbourne in October, having kept an eye on the men linked to it for months.

About $600,000 in cash was seized as part of the raid, as well as $3 million in jewellery, bullion and diamonds.

Documents and computers were also confiscated. While the raid was taking place, criminals continued to turn up with purloined gold and jewels.

Police charged Alejandro Mendieta Blanco, his brother Julio Mendieta Blanco, and Chey Tenenboim with receiving stolen goods and two counts of dealing with the proceeds of crime. They were released on bail.

'They took everything'

Five people have already been successfully identified as being victims of the robberies.

Michelle Quadara returned home in September this year to find her place had been ransacked.

"It was grand final eve, they broke in and took everything," she said.

"Surprisingly enough they took runners, computers, TV, Playstation, perfume, manicure set ... just little, random things which were really bizarre".

But while some of the small items stolen left Ms Quadara perplexed, others left her devastated. Among them was a ring which had belonged to her grandmother and an inscribed pendant.

"It said, 'To Michelle, love Nana,'" Ms Quadara said.

"It was devastating, the ring, I thought, 'I'm never going to get that back and that's something I inherited from her.

"It was just devastating."

Ms Quadara was succesfully reunited with her jewellery after police used the inscription to track her down.

But Detective Sergeant Penry said for many other victims, proving their ownership would be a complicated process.

And he had a warning for anyone thinking of making a spurious claim.

"That will be quite a stringent process that we'll go through," he said.

"So if anyone is thinking of rolling the dice ... they will be found out."

The detective sergeant said not all of the jewellery came from Melbourne burglaries and that some had already been traced to homes in Ballarat and Mount Martha.

Anyone who had jewellery stolen from their house in the weeks leading up to October 5 should look at the photographs, which have been uploaded to Victoria Police's Facebook page.

If you believe you own any of the stolen goods, call (03) 8690 4936 during business hours, provide your details and quote the reference number on the image.