--- Morphology of Jewelry ---
The -ry suffix is a pluraliser found in such collective nouns as
-poetry: literally 'poems'
-syllabry: lit. 'syllables'
-vocabulary: lit. 'words'
-library: lit. 'books'
-gadgetry: lit. 'gadgets'
-poultry: lit. 'chicken' (-en is also a pluraliser)
-infantry: lit. 'foot soldiers'
-cavalry: lit. 'mounted soldiers'
Therefore 'jewelry' is 'jewel' appended by the pluraliser '-ry', 'jewel items'. '-ry' is a non-productive suffix in modern English.
---Phonology of Jewelry ---
Metathesis is a sound change involving the switching around of two sounds in a word. It is very common in a spoken language, and occurs daily all over the world. You can consider it a natural phenomenon of linguistic change; whether this will ultimately change the norm of pronouncing it // can not be predicted. You only need to be a bit more careful to mold your speech through practice for a formal presentation; in everyday speech, such would be unnecessary esp. in the US as casualness is a prevailing social norm for many occasions. It might backfire as being pedantic or 'wooden'. See how Mr Bush skillfully employ verbal slips to his political advantage. See examples below; I myself find them familiar and disarming though I have no political design to stage the language of the 'common folks' for political gain.
--- More on Metathesis ---
"Metathesis in English
Metathesis is one of the most common types of speech errors. The pronunciation of ask as /æks/ goes back to Old English days, when ascian and axian/acsian were both in use. Some other frequently heard pronunciations in English that display metathesis are:
/ˈæstɚˌɪks/ for asterisk
/ˈkælvəɹi/ for cavalry
/ˈkʌmftɚbl̩/ for comfortable
/ˈfɔɪlɪdʒ/ for foliage
/ˈɪntɚˌdus/ for introduce
/ˈɪntɹəgl̩/ for integral
/ˈnukjəlɚ/ for nuclear (see nucular)
/ˈpɝti/ for pretty
/ˈɹɛvələnt/ for relevant
The process has shaped many English words historically. Bird in English was once bryd, horse was hros, wasp is also recorded as wæps and hasp, hæps. The discrepancy between the spelling of iron and the usual pronunciation is the result of metathesis.
Metathesis is also a common feature of the West Country dialects, and amongst children when they acquire new words, such as pasghetti for spaghetti."
--- AT&T Labs Text-to-Speech Demo ---
Listen to how speakers several verieties of English would pronounce it; 5 American, 2 British, and 1 international (possibly Indian or Pakistani).