This article is from the Piercing FAQ, by Anne Greenblatt with numerous contributions by others.
In the interest of safety for the mother and child, jewelry should be
removed in case of a complicated birth. The jewelry could get in the
way of emergency procedures should the need arise. Your doctor or
midwife may feel uncomfortable working with the jewelry in place.
Some piercings are in danger of tearing when the vaginal opening
widens. A Fourchette piercing will probably not survive the birthing
process. Horizontal hood and Triangle piercings may stretch
uncomfortably and be more likely to tear with the jewelry in place.
One woman comments:
"From long experience I can tell you that the properly placed labia
piercing(s) can indeed stay in throughout the pregnancy and labor and
delivery. I was pierced before I ever imagined having children and
when twice blessed wore the jewelry through both pregnancies and
deliveries. However, I had a midwife for my prenatal care and
delivery and she didn't bat an eye on any exam, but was somewhat
confused when she felt the jewelry during delivery because I was in an
unusual position and she couldn't see what was going on. However, no
mention of removal was made, so they stayed in. I would bet that a
midwife would be more receptive to allowing the jewelry to stay put,
because as a general rule midwives are fairly accepting of women and
their life choices."
 
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