Of Course you can do so but this wil be a challenging task for you and your accountant as well. Please Consider.
1) How Jewellary sets are created
The supplier from whom you purchase jewellary set, initially purchase individual items and sell it to you in sets. Now the challenging task will be to apportion the cost between Necklac, Bangle, Ear pins etc. as you dont have their individual cost value.
2) solution:
If you want to break sets purchased from your supplier and break them into individual items, then follow the Sale Value as the basis for breaking the cost of Sets into individual Items.
Suppose You Purchased a set value 5000 which included Necklace , ear ring, bangle.
Now you want to break them into individual items. If you sell them individually at 5000,3000,2000 respectively, then the cost shall be apportioned as 5000*5000/10000, 5000*3000/10000, 000*2000/10000 for Necklace , Earring and bangles Respectively