There is also a long-held belief that puncturing the earlobe was beneficial to increasing the acuity of eyesight (see acupuncture) or of hearing (ref: Wikipedia). It has been found that if earrings, or jhumkis, are pierced properly at a tender age, ailments related to the throat, eyes and tongue can also be reduced. Piercing the point which is one inch above your earring could cure acute back pains. Though these theories may sound absurd and hard to believe, one must realize that these are tried and tested over the ages and more scientific research in this field is required.
However, strict hygiene and after care should be followed when you are having your ears pierced. Also read, Piercing techniques and this page for controversy regarding ear piercing instruments and other info.