I don't care about jewelry. I do sometimes consider buying a watch, but then I realise that I'll probably forget putting it on most of the time. I do think that jewelry, as an investment, made a bit more sense for previous generations (beside it being a status symbol and the aesthetics).
I value what I already own. I have certain pieces that if I lost them I'd be beyond pissed and others that I'd have a minor emotional breakdown if they went missing. Beyond those though? Not really when it comes to myself.
I do still buy things for family & friends on special occasions.
I guess it's because the value of a watch or piece of jewelry will likely not go down as time goes by. And also because a good part of the value is help by the components, precious metal / gems stuff like that.
A part of it is a social construct dating back from the dawn of civilisation but then there's just the value of the materials. Wich can hardly be said for a piece of carboard with some drawings printed on it.
People will drop a grand on a phone that will be obsolete in a short amount of time, so the idea of spending a few thousand on a watch that lasts forever isn't crazy to me, I'd sooner buy other things but I can see the value there
You should invest in the things you wear all the time, that goes for glasses, watches, jewelry, clothes - not that you have to spend inordinate amounts, just don't treat it as an afterthought