Original Question: Should jewellery which is worth thousands of dollars be kept in the hands of others? If it is stolen, should the safekeeper reimburse its value?

The best thing is to keep it in a bank where the valuables kept in a safety deposit box are well protected and secured.

As for the second part of the question, the safekeeper is liable for reimbursing the valuables in kind or value if the theft of the valuables is caused by the actions of the safekeeper (the bank), which are but not limited to:

shifting of the items’ original place where the new place is not secured as it should be;
and/or safekeeper’s use of the item and in the course thereof it was lost or damaged;
(3) and/or the safekeeper’s refusal to follow the depositor’s instructions on how to take care of the item, which causes it to be lost or damaged;
and/or safekeeper’s shortcomings, such as negligence, which cause it to be lost or damaged.

Whereas, if the theft happens due to an accident that is not caused by the safekeeper’s carelessness and shortcomings, such as in an armed robbery situation, the safekeeper is not liable for reimbursement. This ruling is based on the narration of the Prophet (PBUH):

“ليس على المستودع غير المغل ضمان”
“There is no (liability) upon a scrupulous safekeeper guarantee.”

Allah knows best.