We've had this conversation recently in the Outlands, as well. And it seems that it really depends on what is being to "decorate" the circlet.
For instance, stamp work, braided/twisted wire, even a subtle strand of small beads seemed to be fine. Whereas enameling, cloisonné, and stained glass elements threw up red flags.
As Deidre said, it's all about how it appears to be coming off. If it appears to be too fancy or speaks of a higher status than that which you bear, it would probably be best to not go there....
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