Colorado  |  Criminal Law

A woman I was dating gave me a pair of expensive earrings last weekend as a gift. We had an argument during the week and she asked for them back. Initially, I did not return them because they were a gift. The police called me yesterday and are accusing me of theft. I sent her a text and told her I will return your earrings. I met up with her yesterday and returned them. The officer said he would sent to investigators because I admitted to having them but I had them because they were a gift and she gave them to me. Can I still be prosecuted for her lies? What do police do in situations where it's her word against mine?