Police in the Northern Territory have uncovered a NRL premiership ring from South Sydney's triumph last year during a drug bust in Darwin.

The ring was seized alongside methamphetamines, cannabis and steroids during the raid of a Tipperary Waters home two weeks ago, and police are now investigating who it belongs to and how it got there.

"It's been nearly two weeks now and we haven't found an owner for it, so yeah it's a little bit perplexing for us," Acting Commander Tony Fuller said.

The 39-diamond encrusted rings cost $8000 dollars to produce, but they're priceless for the few lucky footballers and club loyalists who get to wear them.

"I think it's genuine – it would be hard to replicate something like that in its detail," jeweller Stephen Miles told 9NEWS.

Twenty rings were presented to NRL premiers South Sydney on grand final day; the players, chairman, CEO and coach Michael Maguire, who re-gifted his to suspended hooker Isaac Luke.

Only one has ever been reported missing - Dylan Walker lost his prized jewellery overboard during celebrations on Sydney Harbour.

NSW police have spoken to him on our behalf and his story is credible - we have no reason to doubt his story," Act. Cmdr. Fuller said.

Walker's ring was later replaced, one of 53 extras produced by Sydney jeweller Zed n Zed after the grand final – keepsakes for key sponsors and support staff.

The premiers insist the players still have theirs - so detectives are now working to determine who owns this one - and how it landed in a Darwin drug den.

At this stage we're trying to find the owner of the ring to ensure we get it to the right person," Act. Cmdr. Fuller said.

It's not the first ring to surface in a peculiar place – former Melbourne Storm premiership winger Marcus Bai spent seven years without his after it was snatched from his Gold Coast home.

Fortunately it turned up in a Melbourne Cash Converters, others have found their way onto eBay, but the story of 2014 Rabbitohs' band remains a mystery.