Abstract: A sheave assembly for use with rope or cable. The sheave assembly includes a sheave having a hub adapted to be rotatably mounted about an axis. An annular rim is coaxially supported by the hub. The sheave further includes side flange walls adjacent the rim, defining an annular sheave groove between inner facing surfaces of the side flange walls.The sheave assembly also includes a plurality of arcuate inserts mounted within the sheave groove in end to end relation around the rim. Outer side wall surfaces of the inserts are disposed in adjoining relationship with the inner wall surfaces of the sheave side flange walls. The arcuate inserts further include a center groove formed therein upon which a cable or rope bears.Detachable perimeter bands extend around outer edge portions of each sheave side flange wall and adjacent portions of the inserts. These bands serve to detachably secure the arcuate inserts within the sheave groove.