ANSWER:

If the jewelry reaches the nisab (threshold) or exceeds it, you must give zakat on it every year, whether by using your cash or by selling parts of it if you don’t have cash. 

Failing to do so would admit you to hellfire where the same jewelry you are refusing to sell would be used to torment you and burn you in hell as mentioned in the Quran in Surah 9

QUESTION: In my family we have lots of debt. But the jewellery we have at home is above nisab, but we are middle class. What we earn in a month spent in the same month, is zakah fard to us?if yes then what we do? But we don’t want to sell the jewelleries