The most common and most likely answer to this crossword clue is the 7 letter word LOCKETS
I've seen this crossword clue in The Daily Telegraph
L
O
C
K
E
T
S
Buddy explains!

The straight part
We know that "jewellery items" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case jewellery items = lockets.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does LOCKETS mean?
LOCKETS noun- A pendant that opens to reveal a space used for storing a photograph or other small item.
- The upper metallic cap of a sword’s scabbard.
- A small white marking on a cat's coat.