Jewelry for women is very important in Judaism. When G-d sent the manna from heaven down to the Children of Israel in the desert He showered the women with jewelry, too!
While preparing for immersion, hafifah, she should remove all extraneous items from her body and hair, including earrings, rings, necklaces, bracelets, contact lenses, etc. This the case even if they are loose allowing water to come in contact with her.
Earring--We must listen carefully to the Torah's dictates on child rearing, and must always listen to what our children say, to make sure that the education they receive is a good one;
Nose ring--We must "smell out" our children's companions, to make sure that they are positive and not negative influences on their behavior;
Finger ring--We must point, so to speak, with our finger, the right path to follow, and explain the dangers of straying from that path;
Bracelet--We must use our arms, that is, all of our strengths and resources, to ensure that every Jewish child receives a strong Jewish education.
The Lubavitcher Rebbe
Taken with gratitude from L'Chaim Weekly