Yep. That's entirely possible.My wife's engagement ring is either my grandmothers or great grandmothers. I inherited from my dad when he passed. We thought it was my grandmothers but when I took it to a jeweler to get it repaired and resized I was told that the cut is called an "old mine cut" which they stopped using in the late 1800s so it could of been my great grandmas.
I told her if we ever divorce the ring stays.
I have a family heirloom with that cut in a basket setting. It's a zillion little directional cuts that really make it sparkle when it catches the light.
Tradition is that it's gone from mother to daughter over many generations when the daughter turns 16. Unfortunately, for my daughter, I actually wore it every day since my mother gave it to me...and just before she turned 16, it broke. I took it to a jeweler to have it fixed and they sent it to Indy. It came back untouched with a write up about how everything started crumbling from the moment they started trying to recondition it.
Best I can do at this point is have a copy of it made and have the stone set in the copy. The original is platinum...I don't know if that's tougher or weaker than silver or gold, structurally.
At any rate, that's something I can't afford to do yet.