I have doubts about the bauble hanging they present ... they could have instead shaped and polished another more ornate and valuable stone to set/glue into the hole.
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My though is that many women like the touch of an object on sensitive skin (earrings, a case in point), else why do women to this day wear bracelets with dangling objects? As for setting a stone, absence of evidence is not evidence of absence.
I made a lot of Jewelry for awhile as a hobby income, it was always logical to set a “display” centerpiece in bracelets like that. It is a natural tendency to dress up bracelets with a more ornate center of attention. Just like rings, bracelets are usually designed to be a canvas/holder for artistic engravings or a center piece stone/stones.
If women understood how lip stick evolved most of them wouldn’t wear it.