Without reading what others said, my immediate reaction was:
"Go out and invest in gold jewelry. The chunkier the better.... we are in an economic downturn, afterall... it could come in handy!"
I do have similar mental barriers myself. No qualms buying costume pieces. Although, I must admit, I bought my own wedding band ... I wanted something in my own personal taste. DH picked out the engagement ring, I picked out the band to go with it as a set. He bought his wedding ring on ebay - because he's frugal (but he never takes it off).
When we saw that $10K pearl necklace in Paris, my mind went like this:
"Well, I'm worth it. Except, it's one semester of college tuition for my kids. Or, I probably should spend the money on new bedroom furniture instead. Hmmm. But it is Paris and it is one of a kind. Hmmm. BUT.... if I did make this purchase.... when I die, my girls are going to get in a horrible squabble over who gets to inherit it.... and end up never talking to each other.... so I better just say no."