I had my nostril pierced three months ago (titanium stud). One month later, a bump of similar size to the stud appeared on the side of my piercing. I went to the dermatologist; he did a lab test. He said there was no infection and it was a foreign body reaction. He advised me that it will probably never go away unless I take it out, and that even then, it may not go away. Have you ever heard of something like this resolving itself while leaving the jewelry in?
I had a similar situation with an ear piercing. I removed the jewelry and the bump eventually dissolved. We are talking a couple of years for it to completely go away. The original piercing is still there, so it would be really easy to open it back up if I choose to. You may want to consider removing yours to see if it gets any better. Not to dispute your dermatologist, but I have seen them go away on their own, but this was with the jewelry removed.
Updated on February 4, 2019
By Hal Gall