I think it follows pretty directly that if poor people are using jewelry as a store of value, then it's going to being making their financial situation even worse, and therefore can be considered one of the reasons the poor stay poor.

You also are committing a fallacy of "if X is true, then I must hold an immoral position Y, so X cannot be true". But logically either Y does not follow from X, or Y is not really immoral. (X = "poor people make bad decisions", Y = "the poor deserve their poverty") This logical fallacy has got you rationalizing everything that poor people do.