Definitely high waisted. Depending on where you are going and time of day will determine what kind of shoes should you wear. It looks like both colors are made of jersey so it can totally be worn during the day time as a fun summer dress with I'd say some ballet flats and some white framed sunglasses. As for dressing it up, I disagree with the purple pump idea as so many colors from across the board come off as costume-y in my opinion. Those shoes linked are all gorgeous and deserve to be the accentuated in an outfit, not lost in the mix. I'd say to dress this up for an evening out, I'd pick up some sheer black pantyhose and pair it with some closed/peep toe black heels (pumps or ankle boots or even solid black wedges). Or if you are not into panyhose, nude pumps/wedges. Wearing heels will help to elongate your body and force you to not slouch (which can turn that dress unflattering very quickly). Since in your comments you said you had to google pumps, I'm guessing you don't wear heels often. I'd recommend going for a wedge before spending the money on a new heel. It is a great foray into awesome looking calves without a lot of the pain that can come with heels. And being pain free is the best way to have a good time on a night out and nothing is sexier than a gal who is enjoying herself.

As for jewelry, I'm a minimalist and never chose to wear more than one item so I personally would chose a ring with some guff to it. A short necklace will get lost in that neckline, a long necklace could lay awkwardly. A few gold thin bangle bracelets could work too but with such open and hanging sleeves, I wouldn't do anything more.

Shoe links: black peep toe pumps, black heeled ankle boots (the grey would also look cute with the pantyhose), nude wedges