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From the world health organization

Toxicity Summary:
Dermal exposure in the general environment is important for the induction and maintenance of contact hypersensitivity caused by daily contact with nickel containing alloys (e.g. jewellery, coins or clips). Dermal exposure to nickel may occur in a wide range of jobs, either by direct exposure, dissolved nickel in refining, electroplating and electroforming industries or by handling nickel containing materials. Nickel can be absorbed in human beings and animals via inhalation or ingestion or percutaneously (by contact). In piercings, percutaneous pertains to any invasive cosmetic procedure where access to inner organs or tissue is done via needle-puncture of the skin. Percutaneous or contact absorption is negligible, quantatively, but is important in the pathogenesis of contact hypersensitivity. Nickel is transported in the blood, principally bound to albumin. Contact allergy to nickel is very common in human beings. Longterm exposure to metallic nickel causes mucosal damage and inflammatory reaction, sometimes accompanied by slight fibrosis. Metallic nickel induced local mesenchymal tumors in a variety of experimental animals after im, sc, intraosseous, intrarenal, intra-articular, pleural, intraocular, intratesticular or intra-adipose administrtation. Metallic nickel has been tested for carcinogenicity by parenteral routes of administration, local tumors were noted. In studies using repeated intratracheal instillation, nickel powder caused respiratory tumors. Chronic effects such as rhinitis, sinusitis, nasal septal perforations and asthma have been reported. Some researchers reported pulmonary changes with fibrosis.  Orsal nickel intake may aggravate vesicular hand eczema. Prostheses or other surgical implants made with nickel containing alloys have been reported to cause nickel sensitization. The more you keep industrial surgical steel in your body the more you become allergic to the nickel. Nickel workers exposed to high levels of both nickel and cadmium may have resulted in a slightly increased risk of lung cancer. Excesses of various cancers other than lung and nasal cancers such as renal, gastric or prostatic have occasionally been reported.

In other words...yes it matters!

  Always keep medical Grade Jewelry in permanently