Officers were called to the shopping centre just after 3 a.m.
Investigators said it appeared the suspects were able to pry a door open to gain access to the mall.
The thieves were able to break into Sparkle Jewellers and steal an unknown amount of merchandise, police said.
Officers are in the process of reviewing CCTV surveillance footage from the mall.
Anyone with information on the theft is asked to call the Calgary Police Service’s non-emergency line at 403-266-1234 or contact Crime Stoppers anonymously.