Worse of all, so many Christian leaders seem to be silent concerning this particular scripture. You know, we still see so many Christian sisters, dress so worldly in aberration to the above scripture. We still see sisters wear immodest attires around, even to the Church.
We still see Christian women adorn themselves with gold, pearl (Jewelries). Braid (Plait) their hair. Even wear costly arrays, yet no one seems to see anything wrong with it, except a few leaders that I know.
Lets look at the historical context of this scripture. At the time this scripture was written there were lots of temples in cities. Most of these temples have female leadership. A way to express that leadership was to dress up, and adorn your hair with pearls and gold. It was a way to declare leadership in the church.
So when women were dressing in this way and entering the early christian church they were basically declaring leadership in that space. This is inappropriate and pointed out in the verses following the one you posted.
1Timothy 2:8-12
8 I want men everywhere to lift up holy hands in prayer, without anger or disputing.
9 I also want women to dress modestly, with decency and propriety, not with braided hair or gold or pearls or expensive clothes,
10 but with good deeds, appropriate for women who profess to worship God.
11 A woman should learn in quietness and full submission.
12 I do not permit a woman to teach or to have authority over a man; she must be silent.
At the time this verse was written having braids, pearls and gold in your hair was declaring leadership. It was basically saything the relationship you set for us in Genesis does not apply to me. that is why he follows up with a similar statement in:
1 Corintians 11
3Now I want you to realize that the head of every man is Christ, and the head of the woman is man, and the head of Christ is God.
4 Every man who prays or prophesies with his head covered dishonors his head.
5 And every woman who prays or prophesies with her head uncovered dishonors her head--it is just as though her head were shaved.
6 If a woman does not cover her head, she should have her hair cut off; and if it is a disgrace for a woman to have her hair cut or shaved off, she should cover her head.
7 A man ought not to cover his head, since he is the image and glory of God; but the woman is the glory of man.
8 For man did not come from woman, but woman from man;
9 neither was man created for woman, but woman for man.
Women are not inferior to man but God has made our relationship to men quite clear. We are not to declare spiritual authority over men. God is to Jesus, as Jesus is to man, as man is to woman.
This relationship was set out in the very beginning before the fall. We are not being degraded by submitting to our husbands and the church, we are emulating the perfect relationship God gave us at creation.
Ask yourself, today if a woman braids her hair or wears jewelry is she declaring authority in the church? Is she disgracing herself before God, her husband or herself?
As far as modesty goes it is all over scripture to not act in a way that would draw your brothers and sisters into sin. As women we can not control how men think, but we can control how we influence their thoughts. If you are dressing with the intention to be provocative, with the intention of drawing a man into lust you are sinning. Dressing up for you husband does not fall under this. Modesty is also cultural. There are parts of the world where Ankles are sexy and Boobs are not. Know where you are going, act modestly in that culture, try not to offend. Do not dress to draw your brothers and sisters into sin.