Are we wrong for being upset that my daughter is no longer getting a bracelet that was bequeathed to her?

My 16yo daughter's grandmother (my mother-in-law) has told her since she was little that a bracelet she has will belong to my daughter when she turns 16. It was in the will and everything. My daughter turned 16 in June and she didn't get the bracelet. Two weeks before her birthday my mother-in-law had told me she was getting the bracelet polished so it would be ready to gift my daughter. I didn't want to sound greedy, but a week after my daughter's birthday I asked my mother-in-law if she had decided against giving my daughter the bracelet.

My mother-in-law told me that she's actually not going to give anyone any of her jewellery and she's rewriting the wills so that her jewellery is to be sold. She doesn't want to deal with people getting in a fit over the value of stuff so she's having everything sold, then the proceeds will be split. I told her that while it's hers to do what she wants with, she has to understand that her granddaughter loves that bracelet and has looked forward to it for years. Of course my daughter is going to be upset. My mother-in-law told me that she shouldn't be upset because "she already has a nice piece of jewellery from her greatgrandmother".

(Background: My 16yo daughter has her great grandmother's engagement ring, which was given to her for her 14th birthday. It's not a particularly valuable piece of jewellery (it's silver and has no gems), and it honestly doesn't really look like an engagement ring. It's just a ring she always liked and she was thrilled when her great grandmother gave it to her.)

I asked my mother-in-law if I could buy the bracelet from her since she said she wants to sell it. She wants $2000 for it. I asked if we could get it appraised first and she declined. I know the bracelet is sterling silver and there's no way it is worth $2000. It's a thin sterling silver chain with a pretty leaf-like charm that's about 1inch long and 1/4 inch wide. No gems, nothing particularly valuable but pretty nonetheless.

I don't want to sound greedy or ungrateful, but I don't think it's fair that my daughter was promised this beautiful gift for years and years, and now my mother-in-law decides to sell it. My mother-in-law is also not going to tell my daughter anything because she thinks that she'll forget about it soon.

In the end, it is her property and she can do with it whatever she pleases, but I thought getting it appraised and giving her the money for it was reasonable. I would even have told my mother-in-law to still give my daughter the bracelet as if it's from her.

So now I'm stuck. What do I tell my daughter, or do I let her and her grandmother sort it out? What should I do?

UPDATE AUGUST 2022: My sister-in-law (MIL's eldest child) got involved when she asked about the bracelet. She ended up telling my MIL that she was being ridiculous. Not one person has ever cared about the value of her jewellery and my daughter is the last person to be getting a piece gifted to her, so it's kind of silly to decide now that she's not going to give my daughter the piece of jewellery. My MIL apparently kicked up a fuss about the bracelwt's value. My SIL ended up getting the sterling silver bracelet appraised but the jeweller said that it was essentially costume jewellery.

My mother-in-law had her other things appraised and the whole lot came in at under $1000, except for her engagement ring and wedding ring which were appraised for a little over $3000. The vast majority is costume jewellery. There are some things that people want but because most of what people want is costume jewellery (and not these pieces she claimed were thousands of dollars), she's no longer telling us to sell it. We all agreed that it's not worth it to sell it and split the money. We'd rather split up the pieces among us and wear them. She didn't realize that her family actually liked the pieces for sentiment and not because we thought they were valuable.

My daughter happily wears her bracelet and we didn't tell her a thing, just that it took some time to get it cleaned up which is why she got it late.