Several years ago, my wedding band and engagement ring went missing. We were not traveling at the time either. It wasn't until a couple of months later that I discovered them in a piece of luggage. Seems we had returned from a trip and after unpacking, had left a couple of pieces of luggage lying around the bedroom before storing them in the attic. Our daughter who was a toddler at the time, must have picked my rings up off my dresser and put them in the zipper pocket of the suitcase.
Also, a boss of mine one time returned from a trip out of the country and insisted that his wife's pearls had been stolen by the hotel staff. A few weeks later, they found them in a makeup or jewelry bag that she normally didn't store them in. Not sure if she put them there in haste or what, but, again, it may be worth going through every piece of luggage, every little bag, etc. to make sure it didn't wind up in there somehow.
as lacey said: check, shake out, empty, recheck
everything!
about 2 months ago, an associate in our shoe store found 4 pieces of very expensive jewelry (including full cut multi-diamond wedding & engagement rings, wayland pendant, etc). - inside a shoebox that was on our shelf, tucked under the shoes & paper
it took a few weeks of investigation (both on our internal network, then at home for full internet research), but i was finally able to find a customer that returned those exact shoes, and working contact info.
winds up that the woman had brought her new shoes on vacation, decided they didn't feel right, & left them in box.
while away, she decided to take off her jewelry, put the items in the shoebox so she wouldn't lose them.....came home & returned the shoes.
she didn't even realize the items were missing until i insisted she check her jewelry box, and we traced her story back.
the story had a very happy ending (not only for her, i was ecstatic to find the proper owner

), but what if i hadn't been able to find her? she had entirely forgotten about putting the jewelry in the box, and would probably have assumed they had been lost or stolen.
btw, the resulting scenario was not what i had anticipated. we assumed the items fell off a dresser into the box, or a children had been playing with them & put them in there, etc.
good luck in finding the watch
