I heard on the radio today an interesting statement. The DJ said,'The jury is out, and I don't mean the diamonds and pearls, but 12 of your peers.' I thought that this was intriguing that the DJ felt it necessary to clarify his meaning.
Is there an AmE variety where jewelry/jury are homophones? I have queried several of my friends (all students like me), and we all tend to have the /l/ or a different vowel, GOOSE for jewelry and FOOT for jury.
I wouldn’t have thought there were any speakers for whom jewelry and jury are categorical homophones (i.e. always pronounced identically), though I suppose it’s possible that there are speakers who sometimes pronounce them so similarly that a listener might be momentarily confused. Even if you vocalize the l, turning ˈdʒuːəlri jewelry into ˈdʒuːori or something of the sort, the vocalic element between the dʒ and the r is still going to be different in AmE from that of ˈdʒʊri jury.
The same applies, mutatis mutandis, in BrE. We usually spell the first word differently, as jewellery, but this doesn’t really imply any significant difference in pronunciation. In RP the uː can be smoothed prevocalically to ʊ, producing ˈdʒʊəlri. I suppose that if you vocalize the l in that version you might get something containing some sort of indeterminate ʊəo or even ʊːː that could be confused with the ʊə of jury, nominally ˈdʒʊəri but in practice often ˈdʒʊːri. However with the decline of the phoneme ʊə jury can also sometimes be ˈdʒɔːri or ˈdʒɜːri. In non-RP you can also get the historically conservative version ˈdʒuːri (lumped in with the majority form in this LPD graphic). None of these are likely to be confused with jewellery.
Furthermore, jewellery also has a BrE version ˈdʒuːləri, which I mark in LPD with the siɡn §, non-RP. Since the l in this form is prevocalic, it would not be a candidate for l vocalization.