The watch was recently discovered among "a number of pieces of stolen jewellery" that police recovered in Winton.
The watch may have been stolen up to five years ago.
"Some of the jewellery it was found with was stolen from Invercargill, but the watch may have come from anywhere.
"An engraving on the back of the timepiece was scratched off," poliie said.
Anyone with information can call 105, using reference number 240618/2910.