You can absolutely wear jewelry in Panama and feel safe but of course, you would not do that if you were going to slum areas, just like in anywhere in the world. However, I have also tried walking along these not-so-great areas of Panama with my wedding ring on, and I noticed several uniformed guards or police officers everywhere.
We really have not had any problems wearing jewelry anywhere because there is security everywhere you go. I even wear an extra ring or an expensive necklace on some events and I have not experienced any problem at all. The security people are really approachable. you can walk up to them and greet them. They are very friendly.
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