The pair, armed with a hammer, smashed the doors of a shopping centre on the Albany Highway at about 2.30am before forcing their way into a jewellery shop within the complex.
Footage shows one man driving a getaway motorcycle inside the building, while the other carries the stolen goods before dropping and spilling them on the ground outside as he runs away.
The thief attempts to pick up some of the items before jumping on the back of the bike and driving off with the accomplice, leaving jewellery strewn across the carpark.
The individuals wore motorcycle helmets throughout the incident, and police have appealed for more information.
Police seeking Melbourne diamond thief
And in other crime news, authorities have released CCTV footage of a suspected diamond thief, who recently targeted a jewellery store on Melbourne’s Collins Street.
The man – described as in his mid-thirties, bald and wearing glasses – is alleged to have swapped a real diamond for a fake at about 12.30pm on 16 March, after making an appointment to buy the stone.
Those with information about either crime are advised to contact CrimeStoppers.