Jewellery which was stolen from a coaching inn in the Cotswolds is thought to be worth £200,000.
West Mercia Police said the haul was taken from the Lygon Arms in Broadway, Worcestershire, overnight on March 17-18.
A force spokesman said "inaccurate media conjecture" had suggested the items could be worth as much as £1 million.
"Although complete detailed valuations are not yet confirmed, further discussions with the victims confirms that the figure will be around £200,000," the spokesman added.
Among the goods was a six-carat diamond ring worth £100,000 and a gold diamond Cartier lady's watch valued at £30,000 as well as a heavy white gold and diamond link necklace, bracelet and earrings.