I come from a pretty liberal family and have been through this situation with my SIL.
Later on she decided that she was going to get that set melted down and something else made from it. She asked permission and brother said do what you want, it’s yours’. She asked Ammi and reluctantly she agreed too. But I say reluctantly because ammi’s position was that once something is made you don’t melt it down. You leave it. Especially if you are in a position to afford other items…which we were and had done.
Long story short…new set was made, worn once and then stolen during a robbery…gone forever!
SIL received insurance money with which she replaced the one she had made.
To this day she has not been able to accumulate anything in terms of jewellery.
I think a gift is a gift, I would never change/exchange or give away something because I didn’t like it.. and like Muz said, hurting someones feelings usually comes to bite you in the bum..
Be appreciative that your MIL gave you something