The highest magic damage bonus on jewellery that I made note of in DKS was +10 (on character level 30). If it wasn't a suitable upgrade for a ranger, though, I didn't bother looking at any damage bonuses.
Ok, do you get them on rings? Or is it only earrings/bracelets/amulets? I haven't been paying too much attention to the type of jewelry, but I don't think ive seen the + damage on rings yet, though could be mistaken.
If you can get them on rings, then getting +10 magic damage on each type would add a significant amount of unarmed magical damage, enough to be worth pursuing with something like way of the battlemage in mind I would think.