Significance of wearing Bichwa in Hinduism
In India, toe rings are worn for several reasons: decorative (jewelry), protective (mirrored to reflect the evil eye), or curative (gemstones with healing powers), or to denote marital status.
Even in Indian history the epic 'Ramayana' there were some topics related to toe ring. i.e. When Sita was kidnapped by Ravana, on the way, she throw her toe ring as the identification for lord Rama which shows that toe ring is used from ancient time.
'Bichiyas' may not be made of gold, as gold holds a 'respected' status and may not be worn below the waist. Indians especially Hindus believe that gold is the metal of the God Lakshmi Devi, The Goddess of Wealth, and therefore they considers it inappropriate to wear gold below the waist.
Wearing toe ring to the second toe has sexual/erotic effect.