The value of jewellery depends on the quality of the materials used to make it, its design, maker and condition, and the prevailing fashion and taste.
Rare gems of the highest quality are usually a good investment because the political and physical problems involved in mining them and the scarcity of fine stones means that supply is unlikely to exceed demand. Diamonds are the exception as their supply is controlled by an international cartel to maintain prices, but demand can always be fulfilled so no dramatic rise in pieces is likely.