Canada Border Services Agency says a man and woman failed to declare around $35,000 worth of jewelry while returning from a four week trip.
They say the couple had a combined declaration of under $300, but when officers searched their bags they found the bracelet and two rings.
The jewelry was seized and the pair were arrested, then released.
CBSA is still investigating the March 24th incident.
They want to remind travellers that failure to report goods could lead to a penalty and smuggling or undervaluation could lead to criminal prosecution.