We see from the incident of the eigel that men and boys wore jewelry. Of course, that doesn’t mean that it’s acceptable these days, since we also see that Rivka Imeinu wore a nose ring, and it’s probably not the kind of thing a Bais Yaakov girl would wear today.
Joseph, I understand that a Timex watch isn’t jewelry, but what about a Rolex? It’s [over]priced like jewelry.