In accordance with an embodiment, a jewelry arrangement system having interchangeable components includes: a plurality of jewelry pieces, each jewelry piece having at least one through hole formed in a portion thereof, and each jewelry piece is adapted to be arranged in a particular orientation relative to the other jewelry pieces within the plurality of jewelry pieces; and an alignment tool adapted to align different combinations of the at least one through holes formed in the plurality of jewelry pieces, to create a plurality of jewelry arrangements, including at least a first jewelry arrangement and one or more additional jewelry arrangements, using the plurality of jewelry pieces.