The Aspen Daily News reported Wednesday that security video showed the men had facial hair during the Dec. 21 theft at the Little Nell Hotel, and photos taken later at an airport show they had shaved.
Police declined to identify the airport where the photos were taken, citing the ongoing investigation.
Authorities say one of the men used a screwdriver to pop open a locked display case in the hotel lobby and put a necklace, at least one ring and a set of earrings into a backpack.
The items belonged to Piranesi, a New York City-based business that has an outlet in Aspen.