This is not true and baseless.
If one believes that it wards off evil, this is shirk and must be totally avoided and not believed in.

is it true that evil is shunned by wearing jewelry or any accessory like a watch or bracelet? I don’t fancy wearing jewelry but my husband and mom-in-law buys me and always asks why I don’t wear them all the time. I only wear them during special occasions like during eids, weddings or some special gatherings. MIL tells me it’s a lucky charm and drives evil away.