It was Her Majesty's Grandfather George V, who was on the throne during the Russian Revolution.
And although they didn't offer exile to the Russian Tsar, they did send HMS Marlborough to rescue the Dowager Tsarina and other lesser members of the imperial family. It is said Queen Alexandra it was who emphatically ordered her son to send the ship to rescue her sister. Saving the lesser members of the Imperial family was diplomatically and politically fine, and the British did the best they could to help them under the circumstances
But they feared the diplomatic and political ramifications of offering exile to a deposed Ruler in the middle of war. George V believed it could spark a similar revolution in Britain, he was stuck between a rock and a hard place.
The jewels that were sold by the Grand-Duchess Vladimir and other members of the Russian Imperial Family had been smuggled out of Russia with during the revolution by people who had survived. And they were sold late in the 20s when it became apparent that the Whites had lost the Russian Civil War and there was no going back, then they realised that they had to sell the jewels for money.
The jewels that were confiscated by the Bolsheviks, from those that were killed in Russia have never been seen again. (Other than the sale of very important jewels and stones by the Bolsheviks after the revolution) all the other hoards of jewels have disappeared.