People pronounce "realty" as reality. The "i" is said, but not written. People pronounce "jewelry" as jewelery.
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EnglishmavenPeople pronounce "jewelry" as jewelery. The second "e" is said, but not written.In American English. In non-American English, it is jewellery http://dictionary.cambridge.org/dictionary/english/jewellery
Anonymous find two words in which two different sounds are pronounced but not spelt out"colonel", pronounced "kernel", is a good candidate.