The modern world has much better ways to show this than relatively low cost jewelry/clothes/accessories.
Real estate, employer, board seats, private jet flights, yachts, and the simplest, vacationing often to destinations you have to fly to.
Those are all way too expensive for regular folks.
> and the simplest, vacationing often to destinations you have to fly to.
That's too cheap to work as a status symbol for regular folks, plus provides all kinds of value (entertainment, relaxation, etc.) so it's not even a good way to burn money.
Regular folks show off by e.g. buying engagement rings that are multiple of the fiance's salary, or making other purchases whose defining characteristic is that others know it's expensive.
Jewelry, clothes and accessories are good for showing off because the more expensive ones aren't more useful or pretty at the margin. You're not buying utility for spending extra, other than that conferred by status games.