I don't wear any of my jewelry not even wedding ring. I noticed most European's don't carry there designers bags and don't seem to wear a lot of designer jewelry also. As I was traveling you could tell the tourist's from the locals as all the tourists had there designer bags and jewelry. Just spent 3 weeks traveling Europe. My advice if you wear your bracelets cover them up and be aware of who's around you.
This is just not true - like every other continent, Europe is not homogeneous. It totally depends.
I would be careful in every place on earth at tourist spots or at places, I could not really assess - what happens faster than one would think - therefore I don't bring flashy things to vacations in general because I don't want to think too much about it.