The rosary that was given as a gift between masters was given by another master to his apprentice. Is this okay?

Of course, rosary beads are not exclusive to monks. Since it is given to someone else, that person no longer has the right to dispose of the rosary. It is their business to whom they give it. I have a fellow practitioner. I gave him three Buddha statues, but he later gave them to people who couldn't afford the statues. I think it will be good too.