From BME Encyclopedia
ear piercing" in sanskrit, karnavedha is one of the rituals of childhood (samskaras) in the Hindu faith/culture. The piercing of both ears is done for both genders, with gold earrings being inserted at one, three, or five years old. The piercing of the right ear is said to bring health, with the left ear bringing wealth.
Yogis (most commonly those of Natha tradition) would stretch the piercings to stimulate the psychic nadis connected to the ears.