Personally I think it is.
Firstly, it is putting a child through pain for something which is not necessary. It is also putting the child at risk of infection.
Secondly, it is making a permanent change to the body of someone else, who has no power to say no. Even after earrings are removed, there is still a mark left where the earrings went.
We didn't get ours done until we were 8. It was almost a rite of passage for us. We had been asking for years by that point, and were always told when we turn 8. It was a big event, something to look forward to. It meant our parents though we were "grown up" enough to look after them. Although I rarely wear earrings, I like having the option to. I own lots of nice earrings.
There is no way Gracie will be getting hers done until at least school age. I also think it looks pretty tacky on young kids, as it has purely been done for the pleasure of the parent and not the kid.