Theory:

"The Nose Jewel" is a story written by C. Rajagopalchari. It talks about how greed can destroy people.

The story takes place in Ramayya's house, which was made of tiled roofs. Ramayya, a simple man, lived with his wife in the house. Being a middle-class man, he earned just enough to support his family. The lack of luxury had probably ignited fights among the couple. The quarrels were observed by two sparrows living in a nest in the roof. One day, the he-sparrow spotted a diamond nose pin in a muck-heap. He picked it up and brought it to the she-sparrow; he asked whether she would like to have it. However, she retorted back by saying that he should rather spend time getting some food for their baby birds; after all, what can birds do with a diamond nose stud? So, the he-sparrow dropped the stud on the floor and flew off in search of food.

Interestingly enough, Ramayya's wife discovered the diamond stud while sweeping and wore it happily. When Ramayya saw the stud, he told her that they should take it to the village magistrate. However, the wife was unable to part with it.
 
It is soon learned that the diamond nose jewel belonged to Meenakshi Ammal’s daughter, a neighbour of Ramayya. The daughter left the stud in the bathroom, and she speculated that Kuppayi, their housemaid, must have swept it out accidentally.  The news spread through the village, and eventually, Kuppayi was accused of theft. As a result, the police arrived and checked her hut, though they found nothing from it. The police, then, extended their search to the other neighbouring houses.
 
Meanwhile, when the news spread, Ramayya’s wife hid the stud in a box. She also became so scared that she caught a severe fever and was bedridden. Thanks to the fever, no one bothered to check Ramayya’s house.
 
Again, the sparrows were observing the events. The she-sparrow accused the he-bird of causing the distress. However, the he-bird responded by saying that it was Mrs Ramayya’s greed that caused her suffering. The birds, then, decided not to mind other’s business and few off in search of their food. As far as Ramayya’s family was concerned, they were never caught. However, they lived in constant fear, which, says the narrator, was their greatest punishment.
 
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