Keep it in a box, wear it on your fingers, put it around your neck. Everybody knows what jewelry is. If you're the Queen of England, you're occasionally required to wear yours on your head - when it's not under lock and key in the Tower of London. From the smallest earrings to the most expensive diamond rings, almost everybody owns at least one decorative item that fits the description.
Another example of a lazy pronunciation becoming popular, people like to ignore the 'w' in the middle and try to crush the word into two syllables, becoming "jule-ry". That combination of 'w' and 'e' in the middle aren't to be ignored, and "jew-el-ry" is a three-syllable word that should be given the respect it deserves. The word itself, as you may expect, comes from 'jewels'.