My wife and I like to shop for new perfume and cologne at WS. She usually finds perfume in France and I find cologne in Italy. She's also purchased lotions and the like in the UK Pavilion.
Just a thought and suggestion to the poster, but you might want to consider buying an annual pass if you are going to purchase upscale souvenirs and expensive jewlery. I know there are other factors to consider when buying an AP, but if your purchases are rather expensive and you can save 10% the AP will pay for start paying for itself over time.
If you are looking for Disney jewelery Arrabis Brothers on Main Street and at DTD have some nice things. Not diamonds, but nicer crystal jewelery pieces. I bought a very pretty pair of Mickey head earrings there last trip. I can't remember how much they were, but I love them.
I've seen some nice jewelry at the Main Street Jewelry shop, as well as in the jewelry/watches areas of MouseGear at Epcot and at World of Disney in Downtown Disney Marketplace.
I agree with Aaron about the AP. Standard annual passes give 10%, and premium ones I believe give 20%. I'd have to double check, but I am almost positive I've seen posts about that.