An item of jewelry includes a movable or removable setting and a charm coupled to a short chain. The chain carrying the charm can be captured by the movable or removable setting. According to one embodiment, the setting has internal threads which mate with a threaded post. According to another embodiment, the setting is coupled to a slotted basket via a bayonet coupling. The charms are preferably provided in a wide range of designs, including, but not limited to holiday themes, religious themes, astrological signs, varsity letters, graduation year, wedding themes, commercial characters such as Disney characters, TV characters, messages such as “I Love You”, etc. The settings may include different color stones to match different color clothing, birth stones, etc.