Answer:
I am in the middle of water but am not an island.
In my life I must bare my bloodline I must share.
I have a neck and no head two arms but no hands. I go with you to school I go with you to work.
My first part compliments people. My second part makes things known. My third part hurts feelings. My fourth part may hold a precious treasure. My fifth part is used when sharing fancy beverages.
In wealth I abound; in water I stand; as a fencer I'm valued all over the land; at Venice I'm famous; by farmers I'm prized; respected by law yet huntsmen despised; consternation and ruin ensue when I break; And the beasts of the forest advantage won't take.
Whoever made me don't want me. Whoever bought me don't need me. Whoever use me don't know me.