The Canada Border Service Agency says Michael Chan and Bo Siu have been sentenced to eight days in jail and must each pay a $10,000 fine.
The CBSA says the case began when Chan was found with five kilograms of jewelry strapped to his legs in Vancouver International Airport after landing from Hong Kong on November 20.
CBSA officers then found Siu, who had been travelling with Chan, at a nearby hotel, where officers found an additional five kilograms of jewelry in a garbage bin.
Both men were arrested for smuggling jewelry, an offence under the Customs Act, and have pleaded guilty in Richmond Provincial Court.
The CBSA says the jewelry's total commercial value for duty was close to $350,000, and the retail appraised value was more than $1.5 million.