I do the same thing - wear my mom’s diamond ring when I want to “take her out”. She kept it in her safe deposit box and wore a faux ring. Her last insurance appraisal had it close to $10,000. Of course I expected that to be greatly inflated. But when I took it to a jeweler to get it appraised for our insurance, he found a chip inside the setting that he said took it under a carat and it wasn’t worth being insured. I believed him because he was friends with our insurance agent so it was taking business away from his friend. I had thought about having it reset until then.
And that did stop my brother from commenting how I had the “$10,000 ring” when discussing division of assets.