The man was in his Westfield Road flat at 16:30 on Thursday when a man called at his door claiming to have been carrying out work in the common stair.
He asked for access to check water pressure, then distracted the victim while a second man entered the flat and stole the items from the bedroom.
Officers have issued descriptions of the two men they are trying to trace.
One was described as having a tanned complexion and was between 5ft and 5ft 2in tall, of heavy build, with broad shoulders, dark shaved hair and a clean-shaven face.
He was wearing a dark bulky Barbour-style jacket, dark trousers, had a lanyard round his neck and spoke with a Polish accent.
The second man was white, in his mid-40s to early 50s, 5ft 7in tall, of slim build, with grey scruffy hair that was shaved at the back and sides and a wrinkled face. He spoke with a Scottish accent.
Police said various items of jewellery and a three-figure sum of cash had been stolen.
Det Con Jim Philp said: "We believe that while the first suspect was distracting the victim within the kitchen, the second male entered the property and stole the items from the bedroom.
"Officers are currently carrying out local inquiries to determine whether any other properties were targeted by these men and to establish their identity."
Bogus workmen who stole jewellery and money from an 85-year-old man in Edinburgh are being sought by police.