"Because you deliberately preyed on these elderly and vulnerable victims in your role as a trusted caregiver for your own financial gain, I find I must impose a sentence of home detention," Judge Noel Walsh told her, adding that he found her offending to be "callous and mean-spirited".
The court heard that Saunders worked as a caregiver at Ilam Lifecare retirement village on Ilam Rd in Christchurch.
Between July 1 and 17 last year she stole three rings, valued at $17,000, from an 87-year-old woman dementia sufferer.
The elderly woman had kept the rings - made of sapphires and diamonds - in a cardboard box in her dresser.
When her husband reported them missing, the woman was unable to remember when she had last seen them.
Police later found that Saunders had stolen the rings and taken them to Cash Converters in Papanui, where she sold them for $300. The rings were later recovered.
During the same period last July, Saunders also stole five rings, valued at almost $13,000, from a 90-year-old resident.
She sold them against Cash Converters for a total of $366.
One ring was later on sold by the pawn shop for $1000. It was never recovered, but the four rings were.
However, the court heard that 13 other items of jewellery, including rings, pendants, brooches, and bracelets, with a replacement cost of $12,000 were never found.
When Saunders was caught, she told police that she needed money to pay rent.
Defence counsel Ma'a Evalu said she had fallen behind with her rent and had "resorted to theft".
A history of anxiety and depression had led to her "making poor choices", he said.
The lawyer told how Saunders, who is currently unemployed, was "very remorseful and embarrassed", especially given her position as a carer, and the fact her victims were elderly and vulnerable.
Police prosecutor Chris Hunt said the breach of trust was "incredibly strong".
He noted that there was "a substantial amount" of jewellery still not accounted for, and that reparation will "take years to pay back", at her offered, and accepted, rate of $35 per week.