I do... I wear single pearls for every day life (baby blue tahitian), but the strands (mikimoto) I keep in the safety deposit box. They're worth more than my car, so they don't come out except for special occasions.
My personal opinion is that people just don't wear *jewelry* on a regular basis anymore. Young and dumb... you don't want to waste the money (or risk losing thing) spare money after tuition goes to (usually) entertainment/ dating expenses, just starting out there just isn't the money to waste (when you're having to buy *everything* for the first time; from furniture to spatulas to paying the plumber), getting married people are dropping 20k on a wedding (ouch) and a housing downpayment (in our area) is 100k, then it's the new family (oy... the expense of kids).... and while that's not *everyone* that's a large portion of the population. Even amongst the wealthier set dripping in jewels doesn't go along with being a professional woman... so a good portion of people even *with* the money to invest in jewelry aren't going to wear tennis bracelets with their scrubs, or cocktail rings in court, or strands of pearls, or diamonds in the avionics lab, or, or, or. Jewelry has become an accessory instead of a statement (love, power, success)... instead professional women with money to show tend to buy 2 thousand dollar shoes, and suits, rolex watches, or sports cars. Things that used to be what *men* bought to make a statement. And men, by and large, aren't buying jewelry for their sweethearts except to propose and for major anniversaries.
So too, jewelry used to be the "saftey net" of married women. Diamonds are a girls best friend type, because in case of emergency one could sell them at near face value. In PART that was why men bought women jewelry. It showed their continued investment in them (and trust, since if their wives walked so did the diamonds, pearls, sapphires).
So in everyday life young people aren't seeing women in tasteful jewelry... they're seeing multimillion dollar pieces on the red carpet that almost no one can afford... and they aren't aspiring to the gradual collection of valuable pieces. They buy cheap stuff that sparkles and costs $45. Paste. Which at some point in the last 30/40 years has lost the tackiness it used to carry, and become the norm. Jewelry isn't ***special*** to most people these days. Because by and large, it's cheap and disposable, and they don't *see* it.
True for all? Heck no. Just a trend.