Virginia-Stepson stole my stuff - what should I do?

My step-son has stolen thousands of dollars worth of items from me. He's 17 and lives w/ us. He has stole my jewelry, emptied out my 3 daughters piggy banks, stole my 8yr olds playstation and games, my husbands guns. Him and his 18 yr old friend have pawned lots of this at a local pawn shop. My stuff has already been sold so I cant get it back. We are torn bt/wn wether or not to press charges. He needs to learn his lesson. His friends are telling me he smokes weed, and snorts coke, anything to get high. I've also heard he has stolen other peoples things. And many of his friends are saying he parties with his real mom, smoke weed and drinks w/ her and also she buys him cigarettes. I also realize that is only here say. The deputies have told me they won't go any further with this investigation unless I press charges. I don't wanna ruin my step son's life but he can't get by w/ this and he is not showing any remorse for what he has done. If I don't press charges will the commonwealth press them? What other options do I have? He really needs to learn a lesson as he has stolen memories I can never get back-gold baby bracelets, money I've been saving for my girls since they were little babies, it's all too much to list.

I would get him into serious counseling and rehab --and maybe do it in a lockdown program--and if after that he does not get the point, then call the cops.