Question does arise about the wearing of jewellery, considering some things written in Scripture and the statement by the First Presidency. There seems to be a vanity aspect suggested.
"In like manner also, that women adorn themselves in modest apparel, with reverence and soundness of mind; not with braided hair, or gold, or pearls, or costly array." 1 Timothy 2:9
This speaks against elaborate hair styles, wearing gold or pearls or wearing expensive clothes.
I certainly detect a cynicism in Isaiah toward jewellery in these next verses quoted from him _
"In that day the Lord will take away the bravery of their tinkling ornaments, and cauls, and round tires like the moon; The chains and the bracelets, and the mufflers; The bonnets, and the ornaments of the legs, and the headbands, and the tablets, and the ear-rings; The rings, and nose jewels; The changeable suits of apparel, and the mantles, and the wimples, and the crisping-pins; The glasses, and the fine linen, and hoods, and the veils." 2 Nephi 13:18-23 (Compare Isaiah Chapter 3)
This following statement leaves us with some questions.
From "True to the Faith" - Put out by the church and Endorsed by the First Presidency
Page 27 "Body Piercing" _
"Latter-day prophets strongly discourage the piercing of the body except for medical purposes. If girls or women desire to have their ears pierced, they are encouraged to wear
only one pair of modest earrings."
The first statement says that piercing of the body is STRONGLY discouraged. It then goes on to say that "IF" women desire to have their ears pierced anyway, for ear-rings, make them small and only one pair. Though I may be accused by women of reading something into this, I see this as really saying that women would be better off not wearing any.
The following plainly associates pride and vanity with the wearing of jewellery.
"Behold, O God, they cry unto thee, and yet their hearts are swallowed up in their pride. Behold, O God, they cry unto thee with their mouths, while they are puffed up, even to greatness, with the vain things of the world. Behold, O my God, their costly apparel, and their ringlets, and their bracelets, and their ornaments of gold, and all their precious things which they are ornamented with; and behold, their hearts are set upon them, and yet they cry unto thee and say--We thank thee, O God, for we are a chosen people unto thee, while others shall perish." Alma 31:27-28
The Apostle Peter adds his thoughts on the subject_
"Whose adorning let it not be that outward adorning of plaiting the hair, and of wearing of gold, or of putting on of apparel." 1 Peter 3:3
Again we see this advising not to do fancy things with hair, wear jewellery or wearing fancy clothes.
(Thanks, yeti, for the NT quotes)