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From The Collaborative International Dictionary of English v.0.48:
Jewel \Jew"el\ (j[=u]"[e^]l or j[udd]"[e^]l), n. [OE. juel, jowel, OF. jouel, juel, joiel, F. joyau, dim. of OF. joie joy, jewel, F. joie joy. See Joy.] [1913 Webster] 1. An ornament of dress usually made of a precious metal, and having enamel or precious stones as a part of its design. [1913 Webster] Plate of rare device, and jewels Of rich and exquisite form. --Shak. [1913 Webster] 2. A precious stone; a gem. --Shak. [1913 Webster] 3. An object regarded with special affection; a precious thing. "Our prince (jewel of children)." --Shak. [1913 Webster] 4. A bearing for a pivot a pivot in a watch, formed of a crystal or precious stone, as a ruby. [1913 Webster] Jewel block (Naut.), block at the extremity of a yard, through which the halyard of a studding sail is rove. [1913 Webster]