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Police are investigating a report of theft from a vehicle in Kensington Street, Brighton, at about 1.30pm on January 17.
The theft involved the victim being distracted after attending a premises in nearby Gloucester Road.
It is believed one suspect, a man, placed a nail or device to puncture the tyre of the vehicle, while a second second suspect, a woman, distracted the victim.
A black bag containing jewellery, diamonds, gold, and a large amount of cash was taken from inside the vehicle, a silver Vauxhall Insignia.
Officers are investigating, and have released a CCTV image of one man they wish to speak with, in connection with the theft.
Chief Inspector Ed Ripley said: “We are appealing for witnesses and information about this theft, and understand the impact it has had on the victim.
“The incident happened during a busy lunchtime in the North Laine area.
“We are keen to speak with anyone who saw anything suspicious, and anyone with relevant CCTV, doorbell, mobile phone or dashcam footage from the area at the time.”
Information can be reported to Sussex Police online, quoting serial 677 of 17/01.