Just to avoid misunderstandings: what the cat freaked out over was actually the box that held the pieces. I do not know for certain that the box is actually made of olive wood. I do not know for certain whether it's the wood of the box or the residual smell of one or other set of pieces.
I do agree, though, that it seems fairly clear that great freshness isn't needed. The set wasn't terribly new when the cat that freaked out over it joined the household.
Is the box lacquered or varnished? It's uncommon for items like this to be left unsealed.
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