Does the word jewellery come from 'Jew'?

No. The Word Jewelry, or rather, the root jewel, comes from Old French jouel, which seems to relate to jocale, a Medieval Vulgar Latin Word meaning "that which causes joy". Curiously, this puts it as a relative of joke, from the same origin. There are other theories about Jewel, but none touch on Jews and all trace back to different Latin Words.