Police say the owner was on his way to have the jewelry appraised when he lost the bags, and couldn't find them.
They youngsters who did attend St. Paul's Episcopal school.
"I'm just happy it wasn't stolen and happy the person claimed it," one of the students said.
"It feels good we solved it and he got his stuff back but it would have been very cool if it went to the school," another said.
Something along those lines may happen. Police say the owner wants to meet those kids, and thank them in some appropriate way.