An engraved jewelry item is one in which a design is cut, by hand, into the surface by the use of a sharp steel tool (a graver.) The process of engraving results in abstract designs, patterns, monograms, flowers, etc., just about anything imaginable, on the metal surface.
An engraver is a person who, using tools called gravers, cuts a design, monogram, pattern, etc. onto the surface of metal. Traditionally this is all done by hand with hand tools. There are engraving machines available today and they are generally used to engrave monograms, dates, and words onto metal objects.