My views on jewelry have changed so dramatically as I age. Over the past year and a half, I've lost my mother and both grandmothers. My mother and her mother, particularly, loved jewelry -- and it has meant more than I can say to have received some of their pieces. Some of it, but not all of it, is fine jewelry and not all of it is "classic" (diamond studs, strands of pearls, VCA or Tiffany pieces etc) -- but all of it reflects their personalities. I can't tell you how much it means to me to put on the Mexican turquoise necklace that my grandmother wore on special occasions, to wear the simple emerald-cut ruby ring in 10K gold that my mother wore every day of my childhood, or to put on carved rose-quartz beads that my mother received from my grandfather on her 16th birthday.
When I buy jewelry now, I buy what I love & what I hope will last -- and I think of my daughter. I don't know what she'll like when she's an adult, but I hope to give her some similar feelings.
I guess what I'm saying is that to me, investment in jewelry is as much emotional as monetary. I think that's part of why I think it's so great if you can find pieces that you like AND that will serve you well in terms of wear/tear/financial return (and no judgment at all if those pieces are diamond studs, pearls, VCA etc). Jewelry is like a visual language and the people who love you will read it and remember.