The Torah states that Eliezer gave Rivka a golden nose ring...Based on the Torah it is allowed. What I want to know is why people do not accept this and discourage it.
I copied this excerpt from Halachipedia
Rav Tuito on yeshiva.org.il writes that it is permitted to have a piercing for beauty such as women have ear piercings. However, piercings which are done just as self-expression or culture such as a a belly ring, which isn't seen anyway, are forbidden. In fact, Rivka Imenu not only had her ears pierced, but wore a nose ring as well, which was the custom at that time. (see Genesis 24:22) In Jewish law, the main determination is whether a particular body piercing is done for a constructive purpose. Excessive body piercing without a constructive purpose is considered making a wound, which the Torah forbids. (Deut. 4:9, 15; Code of Jewish Law – C.M. 420:31). See Rashi Devarim 14:1 who writes that Hashem wants Bnei Yisrael to look nice without bruises or cuts.
My browser currently won't let me view the yeshiva.org, article, so I can't honestly offer a summary or my own take on this, now. B"N, after I can view this, it may give me further insight.